Last year the volume of M&A; deals involving a Brazilian target was a record $153bn, according to investment banking research provider Dealogic.
In the first nine months of this year Brazil-targeted M&A; was $62.6bn, down $125bn during the same period a year ago, but still the second highest on record.
Some say M&A; activity in Brazil will grow for a few more years and expect a new record to be set by the end of 2012.
Three recent deals:

Telefónica/Vivo Participações: $5.5bn
In the largest Brazilian deal announced this year, Telesp, a telecoms provider to the State of São Paulo, agreed to acquire the remaining 37.7% stake that its Spanish-based parent Telefónica does not already own in mobile company Vivo Participações, for $5.5bn. Goldman Sachs, HSBC and Santander are advising the buyer and Lazard is acting for the target.

Tele Norte Leste Participações: $2.9bn
The second largest deal announced this year also involves the reorganisation of a telecoms company which will result in Tele Norte Leste Participações, Telemar Norte Leste, Oi, Coari Participações and Brasil Telecom operating as a single entity called Oi. As part of the restructuring, Telemar is buying the remaining 25.7% stake in Telemar Norte Leste for $2.9bn. Banco Bradesco, Rothschild, Barclays 
Capital, Banco Itaú, Bank of America Merrill Lynch and Banco BTG Pactual are the financial advisers.

Iberdrola/ Elektro Eletricidade e Servicos: $2.9bn
In a complex cross-border deal, Spanish utility Iberdrola acquired Brazilian electricity distribution firm Elektro Eletricidade e Servicos from Ashmore Energy International, a US provider of electricity and natural gas to emerging market countries. Citigroup and Santander advised Iberdrola with Goldman Sachs and Banco Itaú acting for the Brazilian target.
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