AWARDS: Equity Follow-On, Cross-Border M&A

AWARDS: Equity Follow-On, Cross-Border M&A

Corporate & Sovereign Strategy Brazil

Mergers & acquisitions in Latin America totaled $52.9 billion for the first nine months of 2015, down 43% from the same period this year, according to Dealogic, marking the lowest nine-month volume for the market since 2005. Corporates in Brazil have been plagued by a pervasive corruption investigation, currency volatility and weak commodity prices, leaving prospective foreign investors concerned about the way forward for the region’s largest economy. Yet one transaction in particular from the country stood out against the rest of the region. Spanish telecommunications operator Telefónica, through its Brazilian subsidiary dubbed Vivo, emerged to complete two of the largest Latin American

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