M&A 9M: Uría leads on value; Cuatrecasas on volume
Spain’s M&A league tables for the first nine months of 2025, per Mergermarket’s EMEA Advisory Rankings, point to a market where deal counts are softer year on year but headline values have been whipsawed by a handful of outsized mandates. Uría Menéndez leads on value; Cuatrecasas again sets the pace on volume.
BY DEAL VALUE
Uría Menéndez tops the value table with €19.19bn (US$22.39bn) from 87 transactions (−42.1% YoY). Pérez-Llorca vaults into second on €14.98bn (US$17.48bn) across 81 deals (+86.4%)—a clear surge to second from. A&O Shearman completes the podium with €11.94bn (US$13.93bn) from 18 deals (+10.5%). Just off the podium, Garrigues sits fourth on €10.82bn (US$12.62bn) from 117 transactions (−70.6%), ahead of Linklaters in fifth with €10.63bn (US$12.40bn) from 30 (+1.5%). Cuatrecasas climbs to sixth on €10.32bn (US$12.04bn) from 146 deals (+121.4%)—more than doubling aggregate value. The rest of the top ten is a domestic–international mix: KPMG Abogados in seventh with €7.69bn (US$8.97bn) from 42 (−40.6%); Wolf Theiss eighth on €7.18bn (US$8.38bn) from 3 deals and Greenberg Traurig ninth with €7.11bn (US$8.30bn) from 3—both entering the top ten on outsized, single-digit deal rosters; and PwC Tax & Legal tenth on €7.03bn (US$8.20bn) from 26 (−6.3%).
New entrant Rymarz Zdort Maruta lands 11th with €6.84bn (US$7.98bn) from 2 transactions. Latham & Watkins is 12th on €6.61bn (US$7.71bn) from 18 (−30.0%), followed by Freshfields Bruckhaus Deringer in 13th with €6.30bn (US$7.35bn) from 6 deals (−77.4%). EY takes 14th on €6.19bn (US$7.22bn) from 39 (+325.8%). Hogan Lovells ranks 15th with €4.94bn (US$5.76bn) from 14 (+472.8%), narrowly ahead of DLA Piper in 16th on €4.53bn (US$5.28bn) from 13 (+139.4%).
Baker & McKenzie sits 17th with €4.48bn (US$5.23bn) from 30 (+20.7%). Clifford Chance is 18th on €4.48bn (US$5.23bn) from 10 (−71.2%). Gómez-Acebo & Pombo places 19th with €3.81bn (US$4.44bn) from 41 (+175.9%), while Paul Weiss Rifkind Wharton & Garrison rounds out the top twenty at €3.18bn (US$3.71bn) from 6 (−6.2%).
BY DEAL COUNT
On volume, Cuatrecasas remains the market’s busiest adviser with 146 transactions (−14 YoY), ahead of Garrigues on 117 (−37) and Uría Menéndez with 87 (−32). Pérez-Llorca advances to fourth on 81 (+12). KPMG Abogados is fifth with 42 (−3), followed by Gómez-Acebo & Pombo Abogados in sixth on 41 (−8). EY climbs to seventh with 39 (+15). Linklaters and Baker & McKenzie are next on 30 apiece (Linklaters flat; Baker & McKenzie −9). PwC Tax & Legal completes the top ten on 26 (−55), with Deloitte Legal also on 26 (−31) in 11th. A&O Shearman and Latham & Watkins follow on 18 each (−9 and −8 respectively), placing 12th and 13th. Broseta makes one of the table’s biggest jumps to 14th with 17 (+12). CMS is 15th on 16 (−16). International names round out the list: Hogan Lovells International on 14 (+3), level with Watson Farley & Williams on 14 (flat YoY); DLA Piper on 13 (−10); Pinsent Masons on 13 (−6); and Addleshaw Goddard on 13 (+1).
