M&A in Colombia Grows 14% in H1 2025, according to TTR Data
Colombia's mergers and acquisitions (M&A) market showed a notable rebound in the first half of 2025, according to the latest report by TTR Data.
Colombia's mergers and acquisitions (M&A) market showed a notable rebound in the first half of 2025, with increased capital mobilization despite a decline in the number of transactions. According to the latest report by TTR Data, strategic activity in the country continues to evolve, driven by cross-border investment, renewable energy deals, and select high-value transactions.
107 Transactions Totaling USD 3.5 Billion
During the first half of 2025, Colombia recorded 107 M&A transactions, both announced and closed, amounting to an aggregate value of USD 3.502 billion. While this marks a 31% decrease in transaction volume compared to the same period in 2024, it also reflects a 14% increase in total deal value.
Renewable Energy Sector Leads Activity
The Renewable Energy sector was the most dynamic:
- With 11 deals and a 120% year-over-year increase.
- It was followed by the Banking and Investment sector, which saw 10 transactions but a 41% drop compared to 2024.
Cross-Border Investment Trends
Colombian companies primarily invested in Mexico, with four outbound transactions. In terms of value, Germany led as the main destination for Colombian capital, totaling USD 7 million.
On the inbound side, the United States led with 22 acquisitions in Colombia. Spain ranked first in capital mobilized into the country, with USD 420 million invested.
Private Equity and Venture Capital Activity
Private Equity recorded five transactions in H1 2025, with one disclosed deal totaling USD 388 million. This represents a 64% decline in deal count, despite a 102% increase in disclosed value.
Venture Capital registered 16 transactions, with 11 non-confidential deals amounting to USD 94 million. This indicates a 54% decrease in volume and a 60% drop in value compared to H1 2024.
Featured Deal: Gilinski Acquires 100% of Nugil
TTR Data highlighted Jaime Gilinski's acquisition of 100% of Nugil as the standout transaction for H1 2025.
- Nugil, based in Bogotá, holds a 34.81% stake in Grupo Nutresa.
- Following the acquisition, Gilinski’s total direct and indirect ownership in Nutresa rose to 84.5%.
The transaction, valued at USD 2 billion, involved legal advisory from Martínez Quintero Mendoza González Laguado & De La Rosa. Simpson Thacher & Bartlett advised the financing banks.
Top Legal and Financial Advisors
Banco Santander led the financial advisor rankings by both deal count and value, with two transactions totaling USD 388 million.
In the legal advisor category, Martínez Quintero Mendoza González Laguado & De La Rosa topped the ranking by value with USD 2.598 billion, while Brigard Urrutia led by number of deals with 17 transactions.
Market Insights from Aon
In an exclusive interview with TTR Data, Pedro da Costa, leader of M&A and transactional solutions at Aon, shared his regional outlook: “Although driven by similar root causes, each country faces different types of risk. Brazil continues to grow in M&A value despite tax challenges. Mexico benefits from nearshoring to the U.S., though deal volume is shrinking. Argentina is volatile but optimistic in the medium term. Peru and Colombia suffer from political polarization, pushing investors to seek more predictable geographies. Meanwhile, Chile remains a hotspot for renewable energy investment, with its main concern being climate-related risks.”
