Portugal’s M&A market surges 35%: the top 3 advisors
The transactional market in Portugal reached a total value of €13.8 billion across 479 deals in the first ten months of the year, representing a 35.5% increase compared to the same period in 2024, according to TTR Data’s monthly report. The figures show a gradual recovery of the market, which had been accumulating slight losses during the first half of the year.
By type of transaction, M&A deals totalled 182, followed by asset acquisitions (121), venture capital (101), and private equity (76). The most active M&A subsector was real estate, with 79 transactions so far this year, followed by internet, software and IT services (55), tourism and leisure (38), and renewable energy (29).
TTR’s “Deal of the Month” was the USD 75 million capital injection received by Feedzai, valued at €64.1 million, in which Feedzai was legally advised by Garrigues Portugal, while the capital partners were advised by PLMJ.
In cross-border activity, Spain led investments in Portugal with 49 transactions worth €379.52 million. Spain was also the main destination for Portuguese companies’ acquisitions abroad, with 31 transactions worth €303.25 million.
Legal advisors
In TTR Data’s ranking of legal advisors by deal value, DLA Piper tops the list with €6.5 billion, followed by CS’Associados (€6.4 billion) and Morais Leitão (€1.09 billion). By number of deals, CCA Law Firm leads 2025 with 32 transactions, followed by Garrigues Portugal and Cuatrecasas, both with 27.
The top dealmakers by transaction value up to October were Nuno Azevedo Neves (DLA Piper, €6.5 billion), and Bernardo Abreu Mota, David Oliveira Festas, and Maria Castelos (all from CS’Associados, €6.4 billion).
By number of transactions, the leading professionals were Domingos Cruz (CCA Law Firm, 23 deals), Paulo Bandeira (SRS Legal, 17), and Bernardo Abreu Mota (CS’Associados, 16).
