M&A cools down in Spain
The Spanish mergers and acquisitions market recorded a total of 1,488 transactions in the first half of 2025, including announced and completed deals, for an aggregate amount of €47.541 billion, according to data from TTR Data’s quarterly report. Although activity remains significant, the figures represent a 17% drop in the number of transactions and a 19% drop in their value compared to the same period in 2024.
In a less dynamic context, the role of the leading law firms has been decisive. Uría Menéndez leads the ranking in terms of M&A advisory fees, with a total of €12.155 billion, while Cuatrecasas tops the ranking in terms of volume, with 71 transactions advised.
General decline, with the exception of venture capital
By sector, real estate continues to lead the market with 303 transactions, despite a slight decline of 3% compared to the previous year. It is followed by the Internet, software and IT services sector (127 transactions, -31%) and tourism, hospitality and leisure (91 transactions, -31%).
In terms of cross-border transactions, Spain has directed its main investments to Portugal, the United States and Italy, while the United Kingdom has been the destination that has concentrated the highest volume of investment (4.031 billion). Conversely, the main investors in Spain have been the United Kingdom, France and the United States, with France being the country with the highest capital mobilised (3.526 billion).
Private Equity and Venture Capital
The private equity market has also contracted: 172 transactions were recorded (42 with public amounts), representing a 20% drop in volume and a 30% drop in value compared to the first half of 2024.
In contrast, venture capital has performed more positively. Despite an 18% decline in the number of transactions (315), the capital mobilised has increased by 50%, reaching 2.705 billion euros.
Asset Acquisitions
In the area of asset acquisitions, 384 transactions were recorded, worth €5.276 billion, representing a 14% drop in volume and a 26% drop in value.
