Cross-Border M&A: Doing Deals in Latin America

Key Takeaways

• Assess country risk and investor protections first: map treaty networks, rule of law, and political exposure before pursuing LatAm targets.
• Engage local counsel with regulator ties early; plan antitrust pre‑filings (3–9 month timelines) and use staggered closings when needed.
• Conduct on‑the‑ground diligence: expect century‑old notary records, property survey mismatches, complex termination laws, high severance costs, and union consent needs.
• Prefer insured offers when possible: reps & warranties insurance enables non‑recourse deals, reduces seller indemnity, but requires deeper diligence and may influence governing law.
• Prioritize relationships and patient negotiation: family owners value rapport and humility over immediate price; avoid leading with numbers and tailor disclosures.
• Adopt an integration‑first approach: plan post‑close integration, build relationships with unions, communities, and regulators, and budget for a long integration tail.
• Spotlight opportunities: LATAM’s young demographics, cash‑heavy transactions, and rapid fintech/AI adoption drive dealflow, consolidation, and technology M&A.

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