M&A and asset deals rise in 2026, but growth comes from a few sectors

Merger filings submitted to CADE totalled 486 transactions between January and July 2026, 32 more than in the same period of 2025. The 7.0% increase, however, does not represent a uniform recovery of the market. Most of the advance came from logistics, construction and financial services, while energy, manufacturing and retail lost activity.

Transport and logistics alone added 24 transactions. Construction recorded 14 additional deals and the financial sector, 13. In the opposite direction, electricity and gas registered 18 fewer transactions, manufacturing lost nine and retail, also nine.

Composition also matters. M&A transactions rose from 355 to 380, an increase of 25 deals. Asset purchases, leases and swaps totalled 103 transactions, against 98 in 2025. Three transactions were classified as other, against one in the previous year. Almost 80% of the net growth therefore came from mergers, acquisitions, incorporations, joint ventures and other corporate moves, rather than from simple asset transfers.

Manufacturing declines despite more acquisitions

Manufacturing went from 115 to 106 transactions. The drop of nine deals, however, did not come from company acquisitions.

Industrial M&A remained stable at 86 transactions. Asset purchases, leases and swaps fell from 29 to 18. Two transactions were classified as other. In other words, there were more company acquisitions, but fewer deals involving standalone assets.

There were 46 transactions between companies in the same market, the highest number across all sectors. Another 29 mainly involved the entry of a new controlling shareholder or investor, and 14 connected participants from different stages of the production chain.

Sugar production led industrial activity, with five transactions. The auto parts segment recorded four. Fertilisers, paper and animal nutrition each registered three transactions.

Financial services gain volume across different structures

Financial services and insurance recorded 89 transactions, 13 more than in 2025. M&A rose from 71 to 80 deals, while asset transactions grew from five to nine.

The competitive composition was distributed: 30 transactions took place between participants in the same market, 26 were mainly driven by the entry of a new controlling shareholder or investor and 12 connected different activities in the financial chain.

Energy loses momentum in acquisitions

Electricity and gas went from 55 to 37 transactions. The drop of 18 deals came from two fronts: 13 fewer M&A transactions and five fewer asset transactions.

Corporate acquisitions fell from 41 to 28. Asset acquisitions went from six to just one. Joint ventures remained stable, with seven transactions.

Among the 2026 proceedings, 17 involved participants in the same market, a common configuration in consolidation moves. Four connected companies from different links in the chain. Power generation, transmission and infrastructure were the most active links.

Technology holds volume, with more asset deals

Information and communication went from 30 to 29 transactions. M&A fell from 29 to 24, while asset purchases rose from one to five.

Of the 29 transactions in 2026, 18 involved participants in the same market. Systems developed or adapted for specific clients and fixed telephony each recorded three transactions. Artificial intelligence and broadband and multimedia communication services each recorded two.

The increase in asset purchases offset part of the decline in corporate transactions. Portfolios, platforms, infrastructure and other specific assets had a greater presence, even though total volume remained practically stable.

Logistics is no longer a supporting act

The jump in logistics, from nine to 33 transactions, was the most relevant move of the period. M&A transactions rose from eight to 30, while asset purchases increased from one to three.

The breakdown of proceedings helps explain the nature of this advance. Eighteen transactions were classified by CADE as moves between companies operating in the same market. In economic terms, these are consolidation deals, in which one operator buys, incorporates or partners with another participant in the same activity. Another three mainly involved the entry of a new controlling shareholder or investor.

Scheduled passenger air transport was the most active subsector, with six transactions. Offshore maritime services and maritime transport each recorded three. Road passenger transport and maritime support navigation each registered two transactions.

This is not the picture of a single sector pulling the base. Activity appears in aviation, shipping, maritime services, ports and road transport. There were 18 acquisitions, five associative agreements, three joint ventures, three asset acquisitions, one merger, one incorporation and two corporate reorganisations.

Construction and real estate advance together, but by different routes

Construction recorded 14 additional transactions and real estate, seven. In both cases, growth combined corporate moves and asset trading.

In construction, M&A rose from 18 to 26 transactions, while asset purchases and swaps increased from three to nine. The development and incorporation of real estate projects accounted for 28 of the sector's 35 proceedings. Building construction appeared in four.

In real estate, M&A rose from seven to eight transactions, while asset transactions increased from five to 11. Real estate funds appeared in 11 proceedings, purchase and sale of properties in five and leasing of owned properties in three.

This composition suggests two simultaneous movements. There is consolidation and corporate reorganisation, but also direct purchases of properties, projects and stakes in developments. In construction, 21 transactions took place between participants in the same market. In real estate, 14.

Retail declines in acquisitions

Retail and vehicle repair fell from 71 to 62 transactions. M&A went from 39 to 33 deals. Asset purchases fell from 31 to 29 and there was no transaction classified as other, against one in 2025.

Of the 62 transactions in 2026, 31 involved companies operating in the same market. Another 16 mainly involved the entry of a new controlling shareholder or investor. The decline was therefore more related to company purchases than to transfers of commercial assets.

Food retail, especially supermarkets, accounted for 15 transactions. Car dealerships and retailers recorded six. Other retail segments and the distribution of crop protection products and fertilisers each registered four transactions.

Acquisitions fell from 36 to 25. In the opposite direction, joint ventures rose from two to four and the sector recorded two associative agreements, one incorporation and one corporate reorganisation.

For a business owner, the aggregate number matters less than the direction of their own sector. A market that grows in a concentrated way rewards those who arrive prepared at the right moment: being in a hot sector does not guarantee a good transaction, and being in a contracting sector does not prevent a good exit for those who put their house in order before needing to. Reading the movement sector by sector, rather than only the total, is what separates an opportunistic decision from a well-timed one.

Deals submitted to CADE do not represent the entirety of transactions carried out in Brazil. JK Capital tracks merger filings submitted to CADE and publishes the M&A Radar (CADE) monthly, organising buyers, targets, economic groups, sectors, subsectors and deal structures. The Radar covers transactions subject to antitrust review, generally those involving economic groups with revenues above the legal thresholds. The base therefore offers a relevant view of larger moves or those made by more representative buyers, but does not include many smaller transactions that do not meet the notification criteria.

In the subsector analysis, only the most active operating segments in 2026 are presented. No comparisons with 2025 were made, because holding companies, funds and investment vehicles may be correctly associated with a sector without revealing the operating business they control. For this analysis, acquisitions, mergers, incorporations, joint ventures, associative agreements, corporate reorganisations and association formations were grouped under M&A; asset acquisitions, leases and swaps were grouped under assets; joint venture dissolutions and contract terminations were classified as other. These groupings are used only for the editorial reading of the base and do not replace the original structure of each transaction. Source: M&A Radar (CADE), JK Capital. Data from January to July 2025 and 2026. Base revised on 10 August 2026.