The value of M&A transactions grew by 11% in October 2025

The Spanish mergers and acquisitions and transactions market recorded a total of 2,617 transactions up to October 2025, with an aggregate value of €79.092 billion, according to the monthly report by TTR Data. These figures represent an increase in the total aggregate value of transactions of 11.12% and a decrease in the number of transactions of 11.83% compared to the same period in 2024.

Ranking of legal advisers in Spain

In terms of the ranking of legal advisers, Garrigues leads the number of transactions so far this year, with 133 transactions, followed by Cuatrecasas, with 132 transactions. Uría Menéndez closes the podium with 90 transactions. In terms of value, Uría Menéndez tops the list, with a total of €20,479.59 million, followed by Pérez-Llorca, with €18,632.98 million advised. Third place goes to A&O Shearman with €14,382.26 million.

Most active sectors in mergers and acquisitions

The real estate sector continues to dominate transactional activity in Spain, with 556 transactions so far in 2025. Compared to the same period in 2024, activity has increased by 3%. The internet, software and IT services sector ranks second, with 233 transactions, confirming its role as one of the most dynamic industries in the Spanish M&A landscape. In third place is business & professional support with 160 transactions.

Cross-border

In terms of foreign investment, Spanish companies focused mainly on the United States and Portugal, with 49 transactions in both countries. In second place were 43 transactions in Italy and in third place the United Kingdom, with 38 transactions. These are the main destinations in August 2025.

In terms of foreign investment, the United Kingdom (156 transactions) and France (138) stand out as the main foreign investors in Spain. In terms of transaction value, the United Kingdom leads with €6,938.73 million invested.

Private equity, venture capital and asset acquisitions

In October, the private equity market recorded 316 transactions worth €23.618 billion, representing a decrease of 16.40% in volume and 6.67% in value compared to the same period last year.

The venture capital market closed 507 transactions with a total value of €4.557 billion, reflecting a 10.47% decrease in transaction volume but a 54.82% year-on-year increase in value.

The asset acquisition segment reached 709 transactions with a total value of €9.474 billion, representing a 6.83% decrease in the number of transactions and a 17.64% year-on-year drop in value.