Mattos Filho tops Brazil legal ranking: TTR
Brazil’s transactional market posted 374 deals worth BRL 123.2 billion in the first four months of 2026, according to TTR Data’s latest monthly report. Although deal volume dropped 37% compared to the same period in 2025, total invested capital surged 87%, signaling a shift toward fewer but larger transactions.
April alone registered 77 announced or completed M&A transactions amounting to BRL 29.5 billion. The Real Estate sector remained the most active, with 64 transactions, followed by Internet, Software & IT Services with 56 deals.
TTR Data ranked Mattos Filho as the top legal advisor in Brazil for 2026 to date, both by number and value of transactions. The firm advised on 27 deals totaling BRL 38.9 billion.
The voluntary tender offer launched by Iberdrola Energia for the acquisition of Neoenergia was highlighted as the transaction of the month, valued at BRL 5.82 billion. In this transaction, Mattos Filho relied on partners Jean Marcel Arakawa, Henrique Ferreira Antunes, associates Gabriela Castro Rabelo, Leonardo Pereira Lourenço de Oliveira.
Among financial advisors, Itaú BBA led by number of transactions with 11 operations, while Bradesco BBI ranked first by value, totaling BRL 36.3 billion.
In cross-border activity, Brazilian companies focused primarily on acquisitions in the United States and Argentina, with six and four transactions respectively. The United States led inbound investments into Brazil with 40 acquisitions involving Brazilian targets, despite a 40% decline in acquisitions by US companies compared to the prior year.
Foreign Private Equity and Venture Capital investments in Brazilian companies increased 18% in 2026. In the Private Equity segment, 23 transactions totaled BRL 30.3 billion, though deal volume fell 28%. Venture Capital registered 57 investment rounds totaling BRL 3.6 billion, representing a 56% decrease in the number of operations. Asset Acquisitions reached 98 transactions and BRL 17.9 billion, reflecting a 30% increase in invested capital.
