M&A market in Portugal reaches nearly €1B in the first quarter

The Portuguese market for M&A, Venture Capital, Private Equity, and Asset Acquisition reached €918 million in transaction value in the first quarter of 2025, according to a report by TTR Data. A total of 114 transactions were carried out in the first three months of the year. Morais Leitão led in terms of total deal value, with approximately €166.29 million, while Cuatrecasas topped the legal advisors ranking by number of transactions, with 11.

Among the four areas, M&A stood out with 54 transactions totaling €661 million, followed by Asset Acquisition with 28 transactions (€88 million), Venture Capital with 21 transactions (€135 million), and Private Equity with 11 transactions (€35 million).

However, the figures represent a 32% decrease in the number of transactions compared to the same period in 2024. In the first quarter, the real estate sector was the most active, with 20 transactions, followed by Internet, Software & IT Services, with 105. According to TTR Data, the standout deal of the year so far was the acquisition of Claranet Portugal by NOS, advised by Morais Leitão and Uría Menéndez, valued at €152 million.

M&A, Private Equity, Venture Capital, and Asset Acquisitions

The top-performing firms by deal value were Morais Leitão (€166.29 million), followed by Uría Menéndez (€152 million), and Cuatrecasas (€92.04 million). In terms of number of transactions, Cuatrecasas led with 11 deals, followed by Morais Leitão and PLMJ, each with eight.

As for dealmakers, seven law firms are represented in the ranking by transaction value. Jorge Simões Cortez, Catarina Brito Ferreira, and Gonçalo Fleming (all partners at Morais Leitão), along with Catarina Tavares Loureiro (from Uría Menéndez), top the table with deals amounting to €152 million each.

In terms of number of transactions, the leading dealmaker was André Matias de Almeida, partner at Proença de Carvalho, with five deals, followed by Samantha Cyrne and Vasco Bivar de Azevedo (partners at Cuatrecasas), and Luís Roquette Geraldes (Morais Leitão), each with three.

Private Equity

In the Private Equity segment, standout firms included DLA Piper, CS’Associados, and SRS Legal, with DLA Piper standing out for a €25 million deal. In terms of number of transactions, CS’Associados ranked first, followed by Cuatrecasas and Vieira de Almeida (VdA), each with two deals.

Venture Capital

In the Venture Capital area, top firms included SRS Legal (€31 million), Cuatrecasas (€17.04 million), and CCA Law Firm (€9.45 million).