More than half of igc's transactions involve foreign buyers
Reading time
5 minutes
Date
Jul 31, 2026
Author
Murilo Oliveira — Partner, igc Partners
In more than half of igc's transactions, the final buyer, or a significant part of the competition for the asset, came from outside Brazil. For the entrepreneur, the message is direct: the universe of who can buy your company does not end at the border, and a process that only reaches local buyers is frequently leaving the most interested parties off the table. Bringing the right international buyer into the competition changes the level of the negotiation.
Because of the combination of the size of the consumer market, the country's position in sectors such as agribusiness, food, services and technology, and the difficulty of building a local presence from scratch. For an international group, acquiring an already-established company is, in many cases, the fastest and least risky way to enter or grow in Brazil: you gain a brand, a customer base, a team and market knowledge all at once. This rationale is structural, does not depend on the mood of a quarter, and tends to hold across cycles.
The numbers confirm the movement. According to a KPMG survey for the first half of 2025, acquisitions of Brazilian companies by foreign investors grew by about 12%, going from 178 to 199 operations, against the grain of a slight decline in domestic operations. The United States led as the country of origin, followed by the United Kingdom, France and Spain. The usual caution applies: this is a volume figure, the number of transactions, which says more about recurring appetite than the aggregate value, distorted by a few large deals.
A defensible competitive position in its market, organized financial information, governance that gives the buyer comfort and a clear growth thesis. International buyers tend to be more demanding in due diligence and in governance standards than some local buyers, so preparation and organization weigh even more. A company that already operates with standards close to what the foreign buyer expects encounters less friction and protects value better.
Some differences appear from the start. The material needs to exist in English, at the standard and depth the global buyer expects. The pace includes time zones, investment committees and head-office approvals, which requires schedule planning. Due diligence tends to be more extensive on governance, compliance and environmental and social issues. And the negotiation involves understanding how that buyer decides: what the head office needs to see, who signs, what has already sunk similar deals. Handling these particularities well is what separates accessing a foreign buyer from just sending them an email.
The exchange rate influences the timing and the relative price of an acquisition for the buyer from abroad, and can accelerate or postpone decisions. But the central rationale, entering a large and strategic market via acquisition, is structural and survives exchange rate fluctuations. That is why foreign interest in good Brazilian assets tends to hold across cycles, even if the volume varies from one period to another.
igc conducts transactions with a strong presence of international buyers and maintains operations in São Paulo and in Miami, bringing Brazilian companies closer to global investors. This access is built through relationships and through a process that speaks the international buyer's language, from language to governance, not through occasional announcements.
More than half of the firm's transactions involve foreign players, over a base of more than 6,000 buyers mapped in Brazil and abroad. It is part of the method that sustains igc's leadership in sell-side M&A in Latin America over the last five years, according to the Mergermarket ranking.
Yes. What matters is the competitive position, the governance and the growth thesis, not just the size. Mid-sized companies with a clear differentiator attract international interest frequently.
In 2025, according to a market survey, the United States led acquisitions of Brazilian companies, followed by the United Kingdom, France and Spain.
The exchange rate influences the timing and the relative price, but the rationale of entering a large market via acquisition is structural. Interest tends to hold across cycles.
Organized information in English, governance that gives comfort, documented compliance and a clear growth thesis. Global buyers tend to be more demanding in due diligence.
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