Spanish M&A reaches €50.4B, Uría leads
The Spanish transactional market recorded a total of 1,485 announced and completed mergers and acquisitions during the first half of 2026, with an aggregate value of €50.474 billion, according to TTR Data‘s quarterly report, produced in collaboration with Pérez-Llorca. Compared with the same period in 2025, this represents a 15% decrease in the number of transactions and a slight 0.29% decline in aggregate value.
From a sector perspective, Real Estate remained the most active sector, with 343 transactions, although activity fell by 5% compared with the first half of 2025. It was followed by Internet, Software and IT Services, with 144 transactions, also down 5% year-on-year, and Business and Professional Support Services, which recorded 121 transactions, representing a 15% increase compared with the same period last year.
Cross-border activity
During the first half of the year, Spanish companies selected the United States, the United Kingdom, and Italy as the main destinations for their investments, with 27, 25, and 22 transactions respectively. In value terms, the United States attracted the largest investment from Spain, with an aggregate deal value of €10.858 billion.
Meanwhile, France (84 transactions), the United States (81), and the United Kingdom (77) were the countries making the highest number of investments in Spain during the period. By value, France ranked first, with an aggregate investment of €6.442 billion.
Private Equity and Venture Capital
During the first six months of 2026, a total of 177 private equity transactions were recorded, of which 39 disclosed an aggregate value of €8.749 billion. This represents a 14% decline in deal volume and a 40% decrease in value compared with the first half of the previous year.
The venture capital market recorded 279 transactions, of which 222 disclosed an aggregate value of €3.452 billion. Compared with the same period in 2025, the number of transactions fell by 21%, while capital deployed increased by 17%.
Asset acquisitions
The asset acquisitions market recorded 451 completed transactions during the first half of the year, with an aggregate value of €6.727 billion. This represents a 2% decline in the number of transactions but a 27% increase in value compared with the first half of 2025.
The standout transaction
For the first half of 2026, TTR Data selected Orange’s acquisition of full ownership of MasOrange as the standout transaction. The French telecommunications company increased its stake in the Spanish operator to 100% by acquiring the remaining 50% interest held by Lorca.
The transaction, valued at €4.250 billion, received legal advice from Freshfields, Deloitte Legal, Gibson Dunn and Jones Day.
Financial advisers included Barclays Bank, Bank of America, BNP Paribas, Crédit Agricole Corporate and Investment Bank, Goldman Sachs, and J.P. Morgan.
Legal advisers rankings
Among legal advisers, Uría Menéndez topped the legal advisors ranking by deal value, advising on transactions worth €19.212 billion. Cuatrecasas ranked first by number of deals, with 65 advised transactions.
