TTR Data: Spanish M&A Market declines 12% through September 2025

The Spanish transactional market recorded a total of 2,324 deals with an aggregate value of EUR 73.88bn through Q3 2025, according to TTR Data’s quarterly report. This represents a 12% drop in deal volume and a 10% decrease in aggregate value compared to the same period in 2024. In September alone, the market saw 710 announced and closed transactions worth EUR 25.08bn, according to the report.

Regarding the activity, the Real Estate was the most active sector with 478 transactions, followed by Internet, Software & IT Services with 208 deals. As for cross-border trends, the report confirms that Spanish companies chose Portugal (46 deals) and the United States (42 deals) as their main investment destinations. Meanwhile, the UK (138 deals) and France (121 deals) were the top acquirers in Spain, with the US leading by value at EUR 5.49bn.

According the report, the selected deal of the quarter is Multiply Group’s acquisition of a 67.91% stake in Tendam, a leading apparel company, for EUR 1.3bn as the standout transaction for Q3 2025.
The deal was financially advised by Greenhill & Co and Deloitte Spain, with legal counsel from Hogan Lovells Spain, Uría Menéndez Spain, Ramón Hermosilla Abogados, and Latham & Watkins Spain. KPMG Spain advised on due diligence.

Advisory Rankings & Dealmakers’ Perspective
Behind every transaction lies the expertise of advisors who help navigate complex negotiations. In 2025, Cuatrecasas narrowly surpassed Garrigues to claim the top spot in deal volume, with 112 and 111 transactions respectively. By deal value, Uría Menéndez and Pérez-Llorca emerged as market leaders, handling transactions worth EUR 19.17bn and EUR 16.02bn. On the financial side, Banco Santander stood out by leading both in number of transactions and aggregate value, advising on 17 deals worth EUR 17.83bn.

Yet, beyond the numbers, the outlook for Spain’s M&A market in the coming months is best captured by the voices of industry leaders as Roberto Pomares, Managing Partner of Addleshaw Goddard in Spain: “Despite the slowdown in the M&A market, Spain remains attractive to foreign investors, particularly private equity firms and strategic asset buyers, although transactions are now approached with greater caution. While we remain prudent, we are optimistic as we head into year-end.”