Spanish M&A reaches €47.3B, led by Uría Menéndez and Linklaters
The Spanish transactional market has recorded, up to the month of May 2026, a total of 1,200 mergers and acquisitions, between announced and closed, for an aggregate amount of €47.3 billion, according to the monthly report by TTR Data. These figures represent a decrease of 14% in the number of transactions and an increase of 28% in their amount, compared to the same period of 2025.
In sector terms, real estate is the most prominent sector of 2026, with a total of 284 transactions, and a decrease of 3% compared to the same period of 2025; followed by the Internet, Software and IT Services sector, with 120 transactions and a year-on-year decrease of 5%; and the Business and Professional Support sector, which records 96 transactions and a year-on-year increase of 9%.
Cross-Border Scope
With regard to the Cross-Border market, during the course of the year, Spanish companies have chosen the United Kingdom, the United States and Italy as the main destinations for their investments, with 24, 21 and 20 transactions, respectively. In terms of amount, the United States is the country in which Spain has made the greatest outlay, with an aggregate amount of approximately €10.7 billion.
On the other hand, France (63), the United States (62) and the United Kingdom (56) are the countries that have made the highest number of investments in Spain during the course of the year. By amount, the United States stands out, with an aggregate amount of approximately €6.9 billion.
Private Equity, Venture Capital
In 2026, a total of 144 Private Equity transactions have been recorded, of which 30 have a non-confidential aggregate amount of €11.6 billion. This represents a decrease of 11% in the number of transactions and an increase of 7% in their amount, compared to the same period of the previous year.
For its part, in the Venture Capital market, 223 transactions have been carried out, of which 183 have a non-confidential aggregate amount of €2.9 billion. In this case, there has been a year-on-year decrease of 24% in the number of transactions and an increase of 36% in the capital mobilized.
Asset Acquisitions
In the asset acquisition market, 376 transactions have been closed during the year for an amount of €5.3 billion, which implies an increase of 1% in the number of transactions and of 88% in their amount, compared to May 2025.
Transaction of the Month
For May 2026, TTR Data has selected as the highlighted transaction the acquisition of Ayesa Engineering from A&M Capital Europe and the Manzanares family by the real estate company Colliers.
The transaction, valued at approximately €592 million, has had the financial advisory services of Alantra; Deloitte Spain; Baird; Arcano Partners; and Alvarez & Marsal Spain. As for legal advisory, the transaction was advised by Uría Menéndez, Pérez-Llorca, Weil, Gotshal & Manges, and Deloitte Legal.
Regarding Due Diligence advisory, the transaction had the participation of EY Spain.
Ranking of Financial and Legal Advisors
The TTR Data ranking of financial advisors in the 2026 M&A market by amount and by number of transactions is led by Banco Santander with EUR 17,419m and 9 deals.
As for the ranking of legal advisors in the 2026 M&A market by amount, Uría Menéndez Spain and Linklaters lead, with €20.5 billion and €8.7 billion, respectively.
By number of transactions, Cuatrecasas and Uría Menéndez lead, with 51 and 38 advised deals, respectively.
