High interest rates, uncertainties in international trade, and the proximity of elections are making investors more cautious in selecting assets in the Brazilian mergers and acquisitions market. KPMG's quarterly mergers and acquisitions survey counted 610 transactions announced in Brazil in the first half of 2026, representing a 35% drop compared to the same period the previous year.
The decline in the number of operations suggests a more selective market, in which buyers and investors dedicate more time to asset analysis, financial structuring, and execution risks. However, this does not mean that activity has been completely interrupted.
Of the 610 transactions identified, 267 had their values disclosed. In 100 cases, the value was between R$5 million and R$100 million, which highlights the relevant participation of businesses in the intermediate value range, often associated with the middle market.
