Edition of September 13, 2026 carried 8 notes. These 3 are reproduced in full: one per market, nothing removed.
Translated from the Spanish original; every amount, date and file number is the one the regulator published. The market at the head of a note is the transaction's; the register that published it may be another country's, and it is named in the sources.
Every note carries the same six steps
01
Fact
02
Source
03
Date
04
Confirmation
05
Interpretation
06
Implication for capital
The facts this edition carried, one by one, with date and source. Three of them are reproduced in full above.
Uruguay · Inbound capital · Confirmed
Brazilian luxury capital takes Punta del Este's largest hotel and casino asset: JHSF buys Baluma and Enjoy leaves the resort
THE FIGURE
USD 160 million for 100% of the shares of Baluma S.A.; the hotel moves to the Fasano brand and the buyer announced a shopping centre of some 50 stores and restaurants in the first phase
WHO THEY ARE AND WHY NOW
JHSF Participações is a Brazilian luxury real-estate developer, based in São Paulo, owner of the Fasano hotels and of the Cidade Jardim complex. Baluma S.A. is the Uruguayan company that owns and operates the Enjoy Punta del Este Resort & Casino, the resort's largest hotel-casino, opened in 1997 under the Conrad brand. The seller, Inversiones Enjoy SpA, belongs to Enjoy S.A., Chile's second casino operator, which went through a judicial reorganisation. Why now: Enjoy tried to merge with Dreams, its main Chilean competitor, and the deal died in 2023 after the Fiscalía Nacional Económica took it to a second phase. Enjoy has been selling ever since, and Punta del Este was its asset outside Chile.
THE FACT
Uruguay's Ministry of Economy and Finance, by Resolution No. 66/026 of 3 August 2026, cleared in first phase and without conditions the acquisition of sole control of BALUMA S.A. by JHSF PENÍNSULA. The transaction carries with it indirect control of BALUMA CAMBIO S.A., the currency exchange wholly controlled by Baluma. The resolution states that the clearance does not replace procedures before other competent authorities, among them the Central Bank of Uruguay over the indirect change of control of the exchange house.
WHAT IT MEANS
The buyer is not a casino operator but a luxury developer, and that changes what is being sold: not a gaming licence with a hotel beside it, but land and a destination brand that will be converted into retail, dining and residences. On the selling side it is not an isolated divestment: it is the Chilean operator leaving the only asset it held outside its own market after its domestic merger failed before the regulator.
IMPLICATION FOR CAPITAL
Punta del Este has just set a USD 160 million comparable for its most visible asset, with a buyer that has said it will move the segment upmarket. For anyone who owns a hotel, a retail unit or a restaurant in the resort in the USD 10-50 million range, both the comparable and the counterparty change at once: the neighbour is no longer a casino operator running a mature asset but a group that will invest to capture high-end rent. For anyone holding capital, the question is what else Enjoy releases and in what order, because selling Punta del Este says cash matters more than regional presence.
Molinos buys NotCo's operation in Argentina and Uruguay: the incumbent takes the Chilean unicorn's consumer business
THE FIGURE
100% of the share capital of NotCo Argentina plus the brands in two countries, among them NotMilk, NotMayo and NotBurger; the deal was announced on 10 June 2026 and the price is not public
WHO THEY ARE AND WHY NOW
Molinos Río de la Plata is Argentina's largest food company, controlled by the Pérez Companc family, with oils, pasta, rice, wines and frozen pizzas. The Not Company — NotCo — is a Chilean foodtech founded in 2015, one of the region's few unicorns, known for NotMilk, NotMayo and NotBurger, plant-based substitute brands it built on its own artificial-intelligence platform. The Commission for the Promotion and Defence of Competition is the Uruguayan body that reviews concentrations. Why now: NotCo is not closing, it is changing business. By selling its consumer operations in two countries it accelerates its turn towards licensing technology to third parties, and on the other side the Argentine incumbent enters the plant-based category at once with the leading brand already built.
THE FACT
By Resolution No. 85/026 of 17 July 2026, Uruguay's Ministry of Economy and Finance ruled on the acquisition by Molinos Río de la Plata S.A. of 100% of the share capital of The Not Company S.A.S. — NotCo Argentina — and of its brands in Argentina and Uruguay, sold by The Not Company SpA. The Commission classified the transaction as a conglomerate concentration, with no horizontal overlaps or vertical relationships in Uruguay, and concluded that it does not require an authorisation filing because the selling party does not reach the individual turnover threshold of article 7 of Law No. 18.159. The parties must report consummation within ten working days.
WHAT IT MEANS
The detail the Uruguayan regulator leaves on the record is as informative as the deal itself: the seller did not reach the individual turnover threshold, which is the public measure of how small the consumer business being transferred was. Read alongside NotCo's declared turn towards licensing its platform, the move is not a unicorn selling well but a unicorn leaving the supermarket shelf to go back to being a technology company.
IMPLICATION FOR CAPITAL
For anyone who owns a regional consumer brand built on a new category, this case settles who the natural buyer is: not another venture fund, but the food incumbent that wants the category ready-made. For anyone holding capital, it marks the entry price to a plant-based vertical in Argentina and opens the question of which other brands in the region have hit the ceiling of their own distribution and need a large player's shelf.
Super Box absorbs Los Jardines and Aho Aho with no remedies: Paraguayan food retail concentrates without objections
THE FIGURE
356 days between the first and the last published resolution in case CC No. 86: four times the 89-day median of closed cases and the second longest of the 49 in the record, over a purchase effective since 1 April 2025
WHO THEY ARE AND WHY NOW
Super Box S.A. operates the Box wholesale chain in Paraguay. Todo Carne S.A. and Grupo 70 S.A. are the companies behind the Los Jardines and Aho Aho supermarkets: Todo Carne started in 1994 as a butcher's shop and became a supermarket, and both chains have more than thirty years in the trade. The purchase became effective on 1 April 2025 and the three brands still operate separately. CONACOM cleared the concentration without conditions but, in a separate case, sanctioned six firms in the sector for failing to cooperate with the analysis — a procedural infringement, not an objection to the purchase. Why now: Paraguayan food retail is concentrating, and this case sets the precedent that the regulator allows it without remedies.
THE FACT
The Board of the National Competition Commission (CONACOM) issued Resolution D/AL No. 04/2026, clearing without conditions the concentration filed as Case CC No. 86: “Super BOX S.A. Y TODO CARNE S.A. Y GRUPO 70 S.A. s/ Notificación de Operación de Concentración”. The resolution concluded that the transaction is compatible with the provisions of the Competition Act and therefore is unlikely to significantly impede effective competition in those markets, since no dominant position is created or strengthened.
WHAT IT MEANS
What matters here is not the outcome but the sequence: the parties closed and operated for more than sixteen months before the regulator ruled, CONACOM ran the second longest case in its record and had to sanction six firms in the trade to make them cooperate, and in the end cleared it without a single condition. The pattern it leaves is of a body that examines at length but does not impose conditions: the time goes into gathering information, not into negotiating remedies.
IMPLICATION FOR CAPITAL
For anyone who owns a supermarket chain or a meat wholesaler in Paraguay, the natural buyer is no longer a fund or a foreign group but the consolidator already inside the category, and the risk of selling to a direct competitor is lower than the length of the case suggests: three chains in the same trade were integrated without a single remedy. For anyone holding capital, what is fixed is the sequence — purchase effective more than sixteen months before the resolution, case closed without conditions — and with it the question at the table: whether the price is made conditional on CONACOM's ruling or the risk is taken. And for the third party caught inside somebody else's case, cooperating with the regulator has just acquired a price: six firms in the trade were sanctioned, in a separate case, for breaching the duty to cooperate.
Your comparable is already written. The question is who reads it first.
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