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 Brazils 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
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