M&A in emerging markets: where are the real opportunities in 2025?

Strategic sectors and key deals in high-growth potential regions

The global mergers and acquisitions market is entering a new phase. In 2025, emerging markets are taking center stage, not just as alternatives to traditional capital hubs, but as strategic destinations for investors seeking consistent returns, sector innovation, and access to new consumer bases.

Economic growth, technological advancements, and the pressing need for solutions in infrastructure, energy, and digitalization are putting regions such as India, South Africa, and Brazil in the spotlight.

Below, we highlight three markets with real opportunities and recent examples that indicate the direction of upcoming moves in global M&A.

India: media and entertainment mergers gain global scale

With a rapidly expanding domestic market, India has been establishing itself as a strategic hub for investments in media, streaming, and sports. In 2024, the joint venture between the Walt Disney Company and Reliance Industries, valued at $8.5 billion, marked one of the sector's largest moves, bringing together more than 100 channels and platforms with a reach of 50 million subscribers.

The projected annual growth of 10% in the media and entertainment sector through 2026, according to PwC, reflects strong demand for digital content, sports rights, and OTT platforms (such as Netflix, JioCinema, Hotstar, and Disney+). The outlook becomes even more attractive given the rapid penetration of internet and mobile devices, along with the growing interest from international funds and global media groups.

South Africa: renewable energy as a driver of growth

The clean energy sector has become a strategic pillar in repositioning South Africa as an M&A destination. The acquisition of BioTherm Energy by global investment firm Actis, which led to the creation of BTE Renewables, is a clear example of how investors are betting on scalable, sustainability-focused assets. The company already operates more than 470 MW in wind and solar projects across the southern part of the continent.

The South African government has been actively engaged, offering tax incentives and forging international partnerships to reduce coal dependency and mitigate energy risks. The market continues to open up for significant transactions, especially among players focused on energy transition and resilient infrastructure.

Brazil: consolidation in the energy and oil sector

Brazil remains the leader in M&A in Latin America. In 2024, the acquisition of Enauta Participações by 3R Petroleum e da Maha Energy, in a deal exceeding $1 billion, reinforced the consolidation trend among mid-sized companies in the oil and gas sector, known as junior oils.

In addition to its natural reserves and operational expertise, Brazil offers a regulatory environment that is more open to foreign capital, especially in the infrastructure, energy, and agribusiness sectors.

With the geopolitical landscape still unstable in producing regions such as the Middle East and Russia, Brazil stands out as a safe and attractive alternative for global investors.

Strategy beyond the obvious: where returns are taking shape

While sectors such as technology and finance continue to attract attention, the most strategic opportunities in 2025 are emerging in areas like media, energy, and infrastructure. The value lies in markets with structural imbalances, strong domestic demand, and public policies focused on expansion and modernization.

For investors, M&A transactions in emerging markets offer advantages such as:

• Access to growing markets with low competition.
• Opportunity for acquisitions with attractive multiples.
• Tax and regulatory incentives that favor strategic partnerships.

Of course, the risks remain: political volatility, legal uncertainty, and operational challenges are still part of the equation.

But with the right structuring, these variables can be managed, turning risk into a competitive advantage.

Looking to identify the best M&A opportunities in emerging markets in 2025?

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