1、W INT E R 20 25InsightsLearn moreExecutive Summary2Total market capitalization of the Brazilian Stock Exchange/B3 as of December 30,2024,was over USD 660 billion.There were 439 companies registered.A modest Capital Markets activity registered 10 follow-ons in 2024,raising BRL 25.9 billion(USD 4.7 bi

2、llion).Emphasis on the SABESP operation,which handled BRL 14.8 billion(USD 2.4 billion).For the third consecutive year,there were no IPOs.1,426 M&A transactions were registered in Brazil in 2024,a 1.9%increase in comparison with previous year.Brazilian investors present in 82.3%of the transactio

3、ns,and foreign ones in 17.7%.Strategic players present in 63.5%of the transactions,and financial sponsors in 36.5%.SABESP is a water and waste management company owned by the State of So Paulo.M&A Market OverviewIn 2024,volume in Brazil M&A activity increased to 1,426 total transactions-a 1.

4、9%increase when compared with 2023.Most active sectors include technology(software/IT),financial/insurance,energy,healthcare and food&beverages.3Overview7707318377758318339951,1001,6271,5431,4001,426-5.1%14.5%-7.4%7.2%0.2%19.4%10.6%47.9-5.2%-9.3%1.9%2013201420152016201720182019202020212022202320

5、24#of TransactionsVariation%Sources:Mergermarket,S&P Capital IQ,Mergers and Acquisitions Blog and Kroll analysisM&A Market Overview,Continued4Number of Announced Transactions(Jan-Dec)Strategic vs.Financial Buyer63.5%36.5%99108127116118931271351111311141211118412511612611211410712714112314002

6、0406080100120140160JanuaryFebruaryMarchAprilMayJuneJulyAugustSeptember OctoberNovember December20232024Sources:Mergermarket,S&P Capital IQ,Mergers and Acquisitions Blog and Kroll analysis5Number of Announced TransactionsM&A Market Overview,Continued22017811677636755545441383842383January-Dec