List of the Largest Companies in Panama

Name	Sector	Revenue $mlns	M&A Activity			Last 5 Years
Name	Sector	Revenue $mlns	Total	Buy	Sell	Last 5 Years
Avianca Holdings Private Panama City, Panama website	Airlines	4,819	1	1	-
Cable Onda S.A. Acquired Millicom International Cellular 2018-10-07 $1.46B Panama City, Panama website	Communications	195	-	-	-
Grupo Industrias Lácteas SA Acquired Coca-Cola FEMSA 2011-03-28 Panama City, Panama	Food	141	-	-	-
Seguros Morrice y Urrutia S.A. Acquired Marsh LLC 2014-06-18 Panama City, Panama website	Insurance	-	-	-	-
FISA Acquired ADM 2021-12-22 Panama City, Panama website	Food	-	-	-	-
Banesco, S.A. Private Panama City, Panama website	Financial Services	-	-	-	-
Super Xtra Private Panama City, Panama website	Retail	-	-	-	-
Silaba Acquired Sojitz 2024-02-21 San Francisco, Panama	Automotive	-	-	-	-
Corporacion UBC Internacional, S.A. Private Panama City, Panama	Financial Services	-	1	-	1
Panamerican Outdoor Advertising LLC Private Panama City, Panama website	Marketing	-	-	-	-
Cryogas de Centroamerica S.A. Acquired L'Air Liquide 2010-07-28 Panama City, Panama	Distribution	-	-	-	-
CEPSA Panama SA Acquired Minerva Bunkering (Pte) Ltd. 2019-12-17 Panama City, Panama	Transportation	-	-	-	-
Panama Canal Railway Company Acquired Kansas City Southern Lanigan Holdings LLC 1998-06-19 Ancon, Panama website	Transportation	-	-	-	-
Colite Outdoor LLC Acquired Top Media Holdings 2014-02-04 Panama, Panama website	Media	-	-	-	-
Unity Group Acquired Willis Towers Watson 2019-12-23 Panama City, Panama	Insurance	-	-	-	-
Laureate Education, Inc. - Universidad Interamericana de Panamá Private Panama	Education	-	-	-	-

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