Mexico M&A Volume Rises 17% YoY in 1H26 to US$11.6 Billion

Mexico's mergers and acquisitions market expanded 17% in the first half of 2026 to US$11.578 billion, driven by consolidation in credit infrastructure, mining asset reallocation, and offshore energy farm-ins. This surge underscores sustained international capital deployment in Mexican strategic sectors despite macroeconomic uncertainty, as corporations capitalize on credit digitization, nearshoring supply chains, and deepwater resource development. The transaction momentum directly affects commercial banking, credit rating agencies, precious metals mining companies, and deepwater oil and gas operators.

——

Mexico’s mergers and acquisitions market registered a 17% increase in transaction value during 1H26, reaching US$11.578 billion compared to US$9.907 billion in 1H25. The growth in transaction volume reflects a broader corporate strategy of seeking consolidation, market expansion, and long-term value creation despite a challenging economic environment requiring capital discipline.

"The activity observed during July confirms that the Mexican mergers and acquisitions market continues to show resilience and sustained interest in executing strategic transactions," said Sergio García del Bosque, Managing Director at Seale & Associates. He noted that investors remain particularly focused on strategic assets with strong growth fundamentals.

In the year-to-date figures through July, mining consolidated as the most active sector in the Mexican market, recording 16 transactions. Investor interest remains concentrated in natural resource assets and long-term development projects. Meanwhile, in cross-border operations, the industrial sector led the international expansion of Mexican companies, accounting for six transactions abroad, which represented 40% of all outbound deals during the period.

Beyond sector-specific trends, the top transactions in July demonstrated broad dealmaking activity across financial services, mining, and energy. These included Equifax’s US$825 million acquisition of credit bureau Círculo de Crédito, First Majestic Silver’s US$90 million divestiture of the San Martin mine to Flextronics, and Talos Energy’s farm-in agreement with Repsol for a 50% working interest in offshore Block 29. "Transactions such as the announced acquisition of Círculo de Crédito reflect the ongoing appeal that the financial sector and credit market hold for strategic investors," said del Bosque.

Equifax Expands Presence With US$825 Million Acquisition

As part of the largest July M&A, Equifax signed a definitive agreement to acquire 100% of Mexican credit bureau Círculo de Crédito for a purchase price of US$825 million. The deal signified an enterprise value of US$750 million after accounting for US$75 million in cash at closing and no debt.

The transaction marks Equifax's 17th bolt-on acquisition in six years and expands its footprint in Mexico, where consumer credit is growing alongside digital financial services. Over 25% of the Mexican population lacks access to formal financial products, 44% remains unbanked, and 33 million people work informally.

Círculo de Crédito serves 1,700 clients across banking, retail, fintech, and telecom, managing 2 billion tradelines covering 80 million identities. For the 12 months ending June 30, 2026, the company generated $134 million in revenue and $62 million in adjusted EBITDA. Círculo de Crédito CEO Juan Manuel Ruiz and the existing leadership team will manage the business under Equifax International following expected 4Q26 closing.

First Majestic Sells San Martin Mine for US$90 Million

In addition, First Majestic Silver signed a definitive agreement to divest its 100%-owned San Martin silver-gold mine in Jalisco to private Mexican company Flextronics Supply and Service for US$90 million in cash. The transaction is structured as a share sale of subsidiary Minera El Pilon, S.A. de C.V., which holds 5,245 hectares of mining concessions across Etzatlán and Tototlán. 

Under the terms, Flextronics will pay $2.5 million at closing—including a $500,000 deposit already held in escrow—and an additional $2.5 million within 180 days. The remaining $85 million will be paid through five annual $10 million installments and a final $35 million payment on August 31, 2032.

San Martin, located 250km north of Guadalajara with a 1,300tpd processing plant, has been idle since July 2019 due to local security concerns. Flextronics operates under Meridian Capital, an investment group with energy and mining holdings in Mexico, Venezuela, and Uruguay. The deal represents First Majestic’s second major non-core asset sale this year, following its June divestiture of the Del Toro mine in Zacatecas. Closing is anticipated in 4Q26, subject to antitrust approval.

Talos Energy Farms Into Offshore Block 29 With Repsol

Meanwhile, US-based Talos Energy executed a definitive agreement to farm into Block 29 offshore Tabasco, acquiring a 50% working interest from operator Repsol in the Salinas-Sureste Basin. Under the agreement, Talos will make a contingent $30 million payment upon reaching a final investment decision, fund up to $20 million in cash for the next exploration well, and reimburse pre-closing costs. 

Repsol retains operatorship while both companies hold equal 50% stakes in the block, located 88km off the coast in water depths between 460m and 600m. Block 29 includes the Polok and Chinwol discoveries, which contain an estimated gross recoverable resource base exceeding 200 million barrels of oil equivalent.

"The farm-in adds a high quality, large-scale development opportunity and meaningful exploration upside in a proven deepwater basin, further advancing Pillar Three of our strategy," stated Paul Goodfellow, President and CEO of Talos Energy. The joint venture partners target a final investment decision in 2027, subject to regulatory approvals from the Ministry of Energy and the National Antitrust Commission.