[Last updated: 1 January 2025, unless otherwise noted]

M&A activity in Colombia in 2024 reflected the political uncertainties and mixed economic signals that continue to affect the market. Following the 2022 presidential elections, concerns emerged over proposed reforms in tax, labor, healthcare and pensions systems. However, the private sector has gradually adapted to these changes and learned to better navigate the current administration’s mixed messages. Consequently, investment has continued, albeit at a moderate pace.

As of December 2024, direct foreign investment in Colombia reached US$10.81 billion, evidencing a decrease of 17.6% compared to the same period in 2023. While this marks a slowdown in inflows, improving macroeconomic conditions, lower inflation and declining interest rates have helped sustain domestic demand and investment activity.

Colombia closed 2024 with the fourth highest volume of M&A deals in Latin America. A total of 161 M&A transactions were registered in 2024, representing an 18% increase compared to 2023. Furthermore, the reported value also showed a 32% increase in 2024 compared to 2023, closing at more than US$5.9 billion.

In a Latin American landscape where M&A activity has dropped by 20%, Colombia has shown resilience, especially in high-growth industries like software, banking and IT services. The industries with the highest number of deals in the year were industry specific software, followed by banking and investment, internet and retail.

Traditionally, transactions between private companies have prevailed in the Colombian M&A market, however, transactions involving public companies tend to be larger and more visible than even the largest private deals.

The largest deals in 2023 and 2024 were:

• Grupo Calleja, a Salvadoran retail company, acquired 86.84% of Grupo Éxito, one of Colombia’s main retailers, for around US$1 billion. The acquisition was made through a Public Acquisition Offer (OPA) in Colombia and the United States.
• Rhenus Group, an international logistics service provider, acquired Blu Logistics Latam, a leading cargo transportation company with a significant footprint across Latin America.
• The sale by global pharmaceutical company Sanofi of Genfar, its generic business in Colombia, Ecuador and Peru, to Eurofarma Laboratorios S.A. for around US$316 million.
• The Gilinski Group and IHC completed their acquisition of Grupo Nutresa S.A. (one of Colombia’s main food processing companies).