Brazilian Skirmishes

Sep 1, 2011

M&A activity in 2011 continued to outpace last year in terms of sheer number of deals, although total dollar size for the year has shrunk. Through August 19, 1,021 deals involving LatAm have totaled $98.57 billion, compared to $154.02 billion from 928 deals in the corresponding period the year before, according to Dealogic. Fees trailed as well. This comes as the battle to gain access to Brazil’s burgeoning consumer base has intensified. Japanese brewer Kirin was seen as paying a premium to enter Brazil after announcing the purchase of a 50.45% stake in Brazilian brewer Schincariol for 3.95 billion reais ($2.52 billion). The purchase price was seen coming at an enterprise value/Ebitda ratio of 15.7, higher than the value Heineken and SABMiller had put on the asset when they were heard submitting respective bids of 2.2 billion reais and 1.8 billion...

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