Mexico's structural reforms and growing export strength have attracted the interest of a number of multinationals looking for a slice of the country's rapidly expanding consumer base. These are some of the most significant international acquisitions in recent years, not only in terms of their size or deal value, but also in the way they reflect the changes taking place in the Mexican economy.

1. AT&T (US) Nextel Mexico & Iusacell

In April of 2016, American telecommunications giant AT&T concluded the process of acquiring and merging Iusacell and Nextel Mexico, which will now operate as one company under the name AT&T. AT&T paid $2.5 billion for Iusacell and $1.875 billion for Nextel. The companies were respectively the third-largest and fourth-largest players in the country's mobile telecommunications sector. The deal has given AT&T a total 8.5% share of the Mexican market, still leaving it far behind Carlos Slim's Telcel, which has a 69.5% market share, and Spanish Telefonica, which has a 21.5% share.

2. Diageo (UK) Tequila Don Julio

In February of 2015, British multinational Diageo, the world's number-one spirits producer, swapped its Irish Whiskey business Bushmills to gain full control of Tequila Don Julio, which it had jointly owned with Mexican tequila maker Jose Cuervo. In exchange for receiving Bushmills, Jose Cuervo also paid Diageo $408 million and terminated its rights as the sole distributor of Diageo's Smirnoff vodka brand in Mexico. The agreement was the culmination of a multi-year effort by Diageo to enter the fast-growing tequila business and followed an unsuccessful attempt to purchase Jose Cuervo.

3. Teva (Israel) RIMSA

In March of 2016, Israeli multinational pharmaceutical firm Teva purchased Mexican pharmaceutical manufacturer RIMSA for $2.8 billion. Teva is the world's number-one maker of generic drugs, and this acquisition now makes it one of the leading players in Mexico's booming pharmaceutical sector. The acquisition will provide Teva with RIMSA's portfolio of patent-protected products, while also giving Teva a better distribution platform for its specialty generic products in Mexico.

4.Owens-Illinois (US) Vitro

In September of 2015, American multinational glass container manufacturer Owens-Illinois completed its acquisition of the food and beverage glass container business of Vitro, Mexico's largest glass container supplier. The acquisition includes Vitro's food and beverage operations in Mexico, the US, and Bolivia. Vitro is one of the largest suppliers of glass bottles to the fast-growing tequila industry, which has seen increased interest in recent years from international players in all parts of the value chain.

5. SolarCity (US) ILIOSS

In August of 2015, SolarCity, the largest commercial and industrial solar power installer in the United States announced it would acquire Ilioss, a Mexican company that installs solar panels on rooftops across the country, for $15 million. The recent energy reforms and liberalization of the electricity generation sector have made Mexico an increasingly attractive market for renewable energy providers, and many companies already present in the country are looking to expand their business in co-generation projects, which allow Mexican companies and consumers to sell electricity back to the grid from their homes, offices, and factories.