M&A in Spain: capital mobilised up 9% through November

The Spanish transactional market recorded a total of 2,823 deals with an aggregate value of €86.085 billion up to November, according to TTR Data. Garrigues and Cuatrecasas lead by number of deals, while Uría Menéndez and Pérez-Llorca lead by value.

Fewer deals, higher value

These figures reflect a 13% decrease in the number of transactions, as well as an increase of approximately 9% in capital mobilised compared with the same period in 2024. As for November alone, a total of 146 mergers and acquisitions — both announced and closed — were recorded, with an aggregate value of €6.085 billion.

By sector, real estate has been the most active area of the year, with a total of 606 transactions and a 2% increase in activity, followed by the Internet, Software and IT Services sector, with 251 deals but a 20% drop in that segment.

Cross-border activity

Up to November 2025, Spanish companies chose Portugal and the United States as their main investment destinations, with 52 and 51 transactions respectively. In terms of value, Mexico stands out with €3.898 billion.

Conversely, the United Kingdom and France, with 170 and 146 deals respectively, are the countries that made the highest number of investments in Spain. In terms of value, the United States leads with €7.741 billion.

Private equity, venture capital and asset acquisitions

Up to November, a total of 340 Private Equity transactions were recorded, worth €25.538 billion — a decrease of approximately 19% in the number of transactions and a drop of around 4% in their aggregate value compared with the same period last year.

In the Venture Capital market, 538 transactions were carried out with an aggregate value of €5.087 billion, representing an approximate 13% drop in the number of deals and a roughly 55% increase in their value year-on-year.

In the Asset Acquisitions segment, 771 transactions were registered worth €11.705 billion, representing a decrease of around 8% in both the number of deals and their value year-on-year.

Deal of the month

In November 2025, TTR Data selected as standout deal the acquisition of 100% of two photovoltaic parks in Spain from Grenergy Renovables by Allianz Capital Partners (click to read). The transaction was valued at approximately €273 million and PwC Spain provided financial advice. On the legal side, the deal was advised by Clifford Chance and Pérez-Llorca. Pérez-Llorca also advised on the due diligence. Public relations support was provided by Kreab Iberia.

Legal advisor rankings

By number of transactions year-to-date, Garrigues Spain leads with 156 deals, followed by Cuatrecasas Spain with 138. By value, Uría Menéndez Spain and Pérez-Llorca lead the year with €22.005 billion and €22.077 billion respectively.

Regarding financial advisor rankings, Banco Santander leads both by number of transactions and by value, with 21 deals totalling €21.303 billion.