M&A in Portugal: 109 deals worth €989M in Q1 2026
In the first quarter of 2026, the Portuguese transactional market recorded 109 deals, amounting to €989 million. Of these, 26% disclosed their values, according to the latest report by TTR Data. These figures represent a 31% drop in the number of transactions compared to the same period in 2025, as well as a 26% decrease in capital deployed. From a sector perspective, Internet, Software & IT Services was the most active sector in 2026, with 17 transactions.
Cross-border activity
In cross-border terms, measured by number of transactions, Spain was the country that invested most in Portugal during the period, accounting for 11 deals. Portuguese companies chose Spain and the United Kingdom as their main investment destinations, with 14 and five transactions, respectively. Foreign acquisitions in the Technology and Internet sector fell by 20% compared to the same period in 2025.
Private Equity, Venture Capital and Asset Acquisitions
In 2026, 17 Private Equity transactions were recorded, representing a 19% decrease in the number of deals compared to the same period in 2025.
In Venture Capital, 18 investment rounds were completed, totalling €284 million, representing a 95% increase in the total amount invested.
In the Asset Acquisitions segment, 26 transactions were recorded with a total value of €369 million, representing a 29% drop in deal volume.
Transaction of the quarter
The transaction highlighted by TTR Data for the first quarter of 2026 was the completion of the acquisition of Secil by Cementos Molins. The transaction value was approximately €1.08 billion.
The deal involved Portuguese law legal advice from Deloitte Legal, Uría Menéndez Portugal, Uría Menéndez España, and Linklaters Portugal. Deloitte carried out the financial due diligence and KPMG acted as financial adviser.
Financial and legal advisers rankings
The report publishes the financial and legal advisory rankings through March 2026 in M&A, Private Equity, Venture Capital and Capital Markets, reflecting advisers’ activity by number of transactions and total value.
In the legal advisers ranking, by number of transactions and value, VdA – Vieira de Almeida leads throughout 2026 with six transactions totalling €70 million.
As for the financial advisers ranking by number of transactions, ALBIA IMAP, Arcano Partners, BBVA, DFK Portugal, Forvis Mazars Group, Matoaka Tribo and Oaklins Portugal each lead with one transaction.
