M&A Activity in Peru Drops 27% in H1 2025
Peru's transactional market recorded a total of 62 mergers and acquisitions (M&A), both announced and completed, during the first half of 2025.
Peru's transactional market recorded a total of 62 mergers and acquisitions (M&A), both announced and completed, during the first half of 2025, with an aggregate value of USD 1.035 billion, according to TTR Data’s quarterly report. These figures represent a 27% decline in the number of deals and a 41% decrease in deal value compared to the same period in 2024.
Most Active Sectors
The Metals and Mining sector was the most active during the period, with a total of 8 transactions, maintaining a stable trend compared to H1 2024. It was followed by the Specialized Software Industry, which registered 6 transactions — a 33% decrease year over year.
Cross-Border Deals
In the area of cross-border transactions, Peruvian companies mainly invested in Mexico, Chile, and Uruguay, with 2, 1, and 1 deal respectively.
Conversely, the countries with the highest acquisition activity in Peru were:
- United States: 7 transactions
- Chile: 6 transactions
- Canada and the United Kingdom: 4 transactions each
Venture Capital Trends
Only 4 venture capital transactions were recorded in the first half of 2025, with a disclosed combined value of USD 14 million. This represents a 69% drop in the number of deals and a 77% drop in total value compared to the same period in 2024.
Featured Transaction
TTR Data highlighted the acquisition involving Alpayana, a Lima-based company focused on the exploration and exploitation of zinc, lead, copper, and silver mines. Through Alpayana Canada, the company completed a public tender offer (PTO) for Sierra Metals, acquiring a 93.82% stake.
The USD 162 million transaction was advised legally by Rebaza, Alcázar & De Las Casas; Creel, García-Cuéllar, Aiza y Enríquez; McCarthy Tétrault; Mintz Canada; and Miranda & Amado Abogados, with financial advisory provided by LXG Capital and BMO Capital Markets.
Top Legal and Financial Advisors
In TTR Data’s legal advisor ranking, Philippi Prietocarrizosa Ferrero DU & Uría Perú led both in deal value (USD 350 million) and deal count (10 transactions).
On the financial advisory side:
- APOYO Finanzas Corporativas topped the ranking by value (USD 207 million),
- LXG Capital led by number of transactions (4 deals).
Dealmakers’ View: Aon Insights
TTR Data also interviewed Pedro da Costa, Head of M&A and Transaction Solutions at Aon, to gain insights into the 2025 M&A landscape:
“While driven by similar root causes, each country faces distinct risk profiles. Brazil shows growth in deal value despite tax challenges. Peru and Colombia are experiencing political instability due to polarization, pushing investors toward more predictable geographies. Chile remains a leader in renewable energy investments, with political tensions present but climate-related risks being the main concern.”
The analysis also highlights growth in Brazil, the nearshoring opportunity in Mexico, and climate stability as the main challenge in Chile, particularly in the renewable energy sector.
