Background: In Latin America, diet-related non-communicable diseases and sales of sugar-sweetened beverages continue to rise at an alarming rate. Calls for action suggest "multi-sector" and "multi-stakeholder" approaches involving civil society and the private sector, including transnational corporations. While the focus has often been on forming “partnerships” of public and private sectors, ensuring the primacy of public health goals remains a significant governance challenge. This paper analyses this governance challenge using the experiences of Chile, Mexico and Colombia in the adoption of taxation of sugar-sweetened beverages. The three countries offer useful comparisons given their similar political and economic systems, institutional arrangements and regulatory instruments. We conducted a qualitative synthesis of the existing empirical evidence applying a political economy analysis to identify successes and failures during the policy process to adopt and implement the tax.Results: The findings suggest that a major constraint was the political influence of transnational corporations in the policy process and on stakeholders. Intergovernmental support was critical to frame the sugary drinks beverages (SSBs) tax aims, mechanisms and its benefits, and for countries to adopt the measures. Coalitions for and against the tax were critical for the policy debates, and a lack of transparency throughout the agenda setting was diluted by powerful TNCs presences in the countries studied.Conclusion: Governance arrangements involving partnerships with private sector actors should recognize the asymmetry of power among them and address it. Such arrangements should adopt clear mechanisms to ensure transparency and accountability of all partners, and avoid the undue influence of unhealthy commodity industries. Support of several governmental entities simultaneously, grassroots groups, and civil society groups in NCD prevention policies is also needed.