Transactional & Regulatory Work

Key Deals in 2025

Mattos Filho played a leading role in Brazil’s most significant deals throughout 2025, enabling large-scale, highly complex strategic transactions across key sectors of the economy.

By combining technical excellence with a collaborative approach, the firm secured top position in leading M&A legal rankings, both in terms of number of transactions and total value.

Below is a selection of the major deals on which the firm advised:

• Iberdrola’s acquisition of a stake in Neoenergia – a BRL 11.94 billion deal that involved Iberdrola purchasing 30.29% of Neoenergia’s shares from Previ, strengthening the company’s presence in Brazil’s electricity sector.

• Cosan’s primary public offerings – a BRL 9.8 billion structuring deal carried out with Aguassanta that involved two issuances to raise funds and expand the company’s shareholder base.

• Actis’ acquisition (via Alpha Brazil FIP) of a controlling stake in Serena Energia – a BRL 5.09 billion transaction that included a closing offer and corporate reorganization with the goal of delisting.

• Equinor’s sale of its stake in the Peregrino and Pitangola oilfields to PRIO – a USD 3.5 billion deal that involved the sale of a 60% stake in the Campos Basin, corresponding to the area operated by Equinor.

• The Prosus group’s global acquisition of Despegar (Decolar) – an international transaction valued at USD 1.7 billion, involving highly complex aspects related to the technology sector.

• Vale’s transfer of 70% of its stake in Aliança Energia to the GIP investment fund – a USD 1 billion deal that expanded the fund’s portfolio in the Brazilian energy sector.

• BCI and BTG Pactual’s investments in Klabin’s Plateau Project – contributions totaling BRL 2.7 billion to boost the expansion of sustainable forest assets.

• EnergoPro’s acquisition of CEBI (Baixo Iguaçu Entrepreneurial Consortium) – a BRL 1.68 billion deal in the hydroelectricity production sector.

The key deals we worked on drove M&A activity in the energy, technology, infrastructure, pulp and paper sectors. They involved sophisticated structures – including takeover bids, FIPs, follow-ons, and cross-border arrangements – and a strong focus on regulatory and ESG considerations. The growing prominence of global investment funds further increased the legal complexity of deal-making in Brazil

Giovani Loss

Partner – Infrastructure & Energy

In 2025, the mergers and acquisitions sector in Brazil gained momentum relative to 2023 and 2024, driven by several converging trends including sector consolidation, the pursuit of scale and efficiency, and strategic repositioning in response to the energy transition and digital transformation. Taken together, the 2025 deals signal that companies and investors are prioritizing core assets, scale, technology, and energy-transition opportunities