The M&A market in Spain recorded a 15% decline

The Spanish transactional market recorded a total of 2,262 transactions through October, with an aggregate amount of €69,125 billion, according to TTR Data’s monthly report. Real estate was the most active of the year, followed by the Internet, software and IT services sector.

These figures represent a 15% decrease in the number of transactions, as well as a 16% decrease in the capital mobilized, compared to the same period in 2022,

Meanwhile, October saw 202 mergers and acquisitions, both announced and closed, for an aggregate amount of €9,693 billion.

By sector, real estate was the most active of the year, with a total of 513 deals, followed by the Internet, software and IT services sector, with 292.

Cross-border

As for the cross-border market, up to October 2023, Spanish companies have chosen the United States and Portugal as their main investment destinations, with 51 deals in each country.

On the other hand, the United States and France, with 171 and 118 operations, respectively, are the countries with the highest number of investments in Spain. By amount, the United Kingdom stands out, with 11,094 billion euros.

Private Equity, Venture Capital y Asset Acquisitions 

Up to October, a total of 281 Private Equity transactions for EUR 17,599m have been recorded, representing a 20% decrease in the number of transactions, as well as a 25% decrease in their amount, compared to the same period of the previous year.

In the Venture Capital market, 462 transactions were carried out for an aggregate amount of EUR 2,440m, representing a 25% decrease in the number of transactions and a 53% decrease in the amount in year-on-year terms.

In the Asset Acquisitions segment, 664 transactions were recorded, for an aggregate amount of EUR 7,453m, representing a 9% decrease in the number of transactions and a 55% decrease in their amount, year-on-year.

Transaction of the month

In October 2023, TTR Data selected as transaction of the month the acquisition of a 24.99% stake in FCC Servicios Medio Ambiente Holding by CPP Investments.

The transaction, valued at €965 million, was advised by Santander Corporate Investment Banking (SCIB). In the legal area, the transaction was advised by Allen & Overy España; Freshfields Bruckhaus Deringer and KPMG Abogados.

Ranking of financial and legal advisors

The report publishes the 2023 ranking of financial and legal advisors for M&A, Private Equity, Venture Capital and Capital Markets, which includes the activity of the leading firms by number of transactions and amount.

The TTR Data ranking of financial advisors by amount is led by Banco Santander, with 18 deals and €10,285.28 billions.

As for the ranking of legal advisors, Garrigues España leads by number of transactions in 2023, with 121 transactions; by amount, it is led by. Gómez-Acebo & Pombo España, with €13,808 billions.