Prepared by Sergio Hoyos
The trend of mergers and acquisitions (M&A) shows clear signs of recovery, with growth projections towards 2026. Sectors such as technology, health and consumption lead the interest, while emerging industries such as sport are gaining prominence. In Colombia, investor appetite is also growing, with an increase in Foreign capital and relevant operations in strategic sectors.
I. Global overview of M&A
The global merger and acquisition market is in a sustained recovery phase. According to Goldman Sachs’ 2025 M&A Outlook report, after three years of volatility and moderation, the fundamentals for an expanding cycle (bull market) are aligning. With the normalization of monetary policy, a more predictable regulatory environment and a rebound in the confidence of the CEOs of major companies, it is projected that 2026 could mark a historical record in global M&A volumes.
Companies are moving from a defensive logic to an offensive one, focusing on strategic growth and the acquisition of new capabilities. Likewise, private equity funds face increasing pressure to deploy capital, given unprecedented levels of dry powder and expectations of more agile returns. The combination of these factors, added to the reduction in the cost of capital and the reactivation of debt markets, anticipates an environment of intense competition for quality assets.
II. Driving factors and sectors with greater capital attraction
Transactional activity will be marked by clear sectoral trends. Goldman Sachs believes that technology (AI), health, consumption and financial services will be the engines of the next cycle. However, other sectors are capturing a growing portion of investor attention: entertainment, sports and infrastructure.
The case of Apollo Global Management illustrates this. According to the Financial Times, the firm announced the creation of an investment vehicle of USD 5 billion intended exclusively for the sports sector, focused on the acquisition of shares in clubs, leagues and related assets. The initiative reflects how sport has established itself as a high-performance alternative asset, leveled on stable flows, global audiences and expanding broadcasting rights.
III. Trends in Latin America and the Colombian case
Latin America has not remained on the sidelines of this sway. While total regional M&A volumes still represent a small fraction of the global market, there is an increase in the arrival of international investors seeking diversification and undervalued assets. In Colombia, this interest begins to materialize in operations that transcend traditional sectors.
The recent acquisition of Club Deportivo La Equidad by a group of international investors – including Ryan Reynolds, Rob McElhenney and Eva Longoria – shows the inflow of foreign capital in national cultural and sports industries.
From Brick Abogados, we have been active participants in this gradual reactivation of the market since the end of 2024, accompanying national and international clients in operations that reflect renewed confidence in the Colombian economy and the global appetite for strategic assets. In recent months, we have advised relevant transactions such as the sale of the ice cream business “Mimo’s” to Grupo Nutresa (consumer), the acquisition of Localpack S.A.S. (chemical products merchant) by Azelis Ibérica Holdings, and the sale of Advanced Teaching Systems and Processes S.A.S. (education) to the British Columbia Education Group, in addition to multiple financing operations Structured and corporate reorganizations in sectors such as infrastructure, consumption, technology and energy. These experiences confirm the growing sophistication of the market and the role of Colombia as an attractive destination for investment in the region.
IV. Conclusion – Perspective of Brick Abogados
At Brick Abogados we share the optimism reflected by the main players in the market. The stabilizing macroeconomic environment, innovation in transactional structures and the appetite of investors for non-traditional sectors configure a favorable situation for a new expansive M&A cycle.
We hope that Colombia will be an active participant in this global movement and we reaffirm our commitment to accompany our clients in the structuring of complex, efficient transactions aligned with international best practices.
Do not hesitate to contact Brick Abogados if you have any questions or if you would like further details on the topic discussed above.
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This document is for informational purposes only and does not constitute legal advice, nor does it engage the responsibility or professional opinion of Brick Abogados.