Brazil: In a challenging year for M&A transactions, TozziniFreire preserves its market share

Published on Jan 15, 2024

TozziniFreire ended 2023 among the top five legal advisors in Brazil, considering the number of transactions conducted, according to the Transactional Track Record (TTR) advisory ranking. Despite the very complex and challenging year for large transactions, the firm preserved its percentage of market share, which presented a decrease in the overall volume of transactions across the entire market, according to the platform.

In total, 69 transactions that relied on the firm’s services were reported, mainly in the consumer goods, industry, and telecommunications markets, which together represent more than BRL 200 billion in market value, and almost 50% of TozziniFreire's transactions in 2023.

Among a variety of large transactions, we highlight the acquisition, by McCain do Brasil, of 51% of the share capital of the non-operating holding company TPZ Participações; the sale of PerkinElmer's analytics, food, and business services to New Mountain Capital for BRL 2.3 billion; and the sale of a 50% stake in Neoenergia Transmissora 15 to Warrington Investment for BRL 1.2 billion.

For Fernando Carvalho, partner in the Mergers and Acquisitions, Private Equity, and Venture Capital practices, “2023 was a challenging year for the transactional areas, but the prospects for 2024 are very positive, taking into account the reform agenda and expected improvement in macroeconomic conditions.”

The indicators for 2024 show positive signs and, despite the challenges, the firm intends to increasingly strengthen its legal services structure in the different areas of the transactional market in an integrated manner, adding operational capacity and expertise to meet market challenges.


About TozziniFreire

TozziniFreire is a leading legal services organization in Latin America, operating in all areas of Business Law and with a relevant track record in serving local and foreign companies from the most diverse industries.

With branch offices in several cities in Brazil (São Paulo, Rio de Janeiro, Brasília, Porto Alegre, and Campinas), including in New York, TozziniFreire strives to provide a unique standard of service quality and the same facilities to its clients throughout the country. We have played a key role in many of the most significant transactions in the Brazilian market, contributing to the growth of the country's economy in recent decades.

The relevance of our work has been recognized by specialized national and international publications, considering independent research interviews with professionals from the largest companies in the world. TozziniFreire and its partners are constantly referred to as leaders handling notable matters in the most varied business law practices.

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Natália Zulzke / Fábio Nascimento Almeida / Júlia Santos