Argentina M&A activity falls in volume but rises 39% in value in Q1

Published: 2026-05-11 08:00:20 ET AON

Published on 05/11/2026 at 08:00 am EDT

Argentina’s mergers and acquisitions (M&A) market recorded fewer transactions but a sharp increase in deal value during the first quarter of 2026, driven mainly by energy and infrastructure-related operations.

According to a report by professional services firm Aon plc, Argentina registered 57 transactions between January and March, down 23% from the same period a year earlier. However, the value of deals climbed 39% year-on-year to $2.29bn, reflecting a shift towards fewer but larger and more strategic operations, Bloomberg Línea reported.

Energy, oil and gas projects led activity in the country, alongside technology, industrial software and real estate-related businesses.

The largest transaction of the quarter was Vista Energy Argentina’s acquisition of Equinor’s assets in the Vaca Muerta shale formation for $712mn, reinforcing the unconventional energy sector’s role as a key destination for investment.

“Argentina begins to gain greater prominence as a pro-market agenda advances and major mining and infrastructure projects develop,” Carlos Dorado, head of M&A and Transaction Solutions for Hispanic South America at Aon, said. “In this context, the country is capturing greater sectoral investment flows and strategic operations, particularly in the energy sector, one of the most dynamic in the region.”

Argentina’s performance mirrored a broader Latin American trend in which the number of transactions declined while average deal size increased.

Across the region, 482 deals worth $27bn were completed in the first quarter, representing a 36% drop in transaction volume and an 87% decline in value compared with the same period of 2025.

Brazil led the region with 256 transactions, followed by Chile with 92 and Mexico with 58, while Argentina ranked fourth ahead of Colombia and Peru.

The report highlighted the continued presence of international capital from North America, Europe and Asia, while Latin American companies maintained interest in overseas expansion, particularly into Europe and the United States.

“I see 2026 as a year of reactivation, although marked by greater selectivity,” Pedro da Costa, head of M&A and Transaction Solutions for Latin America at Aon, said.

“We are going through a cycle of more restrictive investor appetite, in which investors are willing to execute provided there is clarity in the investment thesis, pricing, governance and risk protection mechanisms,” he added.

The report said Argentina was increasingly attracting investor attention towards strategic sectors despite a more demanding global environment in which capital flows remain active but increasingly selective.