Portugal M&A reaches €4.5B; Cuatrecasas and Morais Leitão lead
Through July 2026, the Portuguese transaction market recorded 289 deals, totalling €4.5 billion. Of these, 31% disclosed their values, according to the latest report by TTR Data. These figures represent a 28% decrease in the number of transactions compared to the same period in 2025, as well as a 20% decline in capital invested.
In terms of sectors, real estate was the most active sector in 2026, with 44 transactions. In July, 42 M&A transactions were recorded, including both announced and completed deals, with a total value of €1.4 billion.
Cross-border
In terms of the number of transactions, Spain was the country that invested the most in Portugal during the period, accounting for 19 transactions.
Portuguese companies chose Spain and Brazil as their main investment destinations, with 32 and eight transactions, respectively.
Foreign acquisitions in the Technology and Internet sector fell by 23% compared to the same period in 2025.
Private Equity, Venture Capital and Asset Acquisitions
Through July 2026, 44 Private Equity transactions were recorded, representing a 27% decrease in the number of deals compared to the same period in 2025.
In Venture Capital, 53 investment rounds were completed, totalling EUR 523m, representing a 5% increase in total capital invested.
In the Asset Acquisitions segment, 68 transactions were recorded, with a total value of EUR 2.3bn, representing a 5% decrease in capital invested.
Deal of the month
The transaction highlighted by TTR Data in July 2026 was the completion of Macquarie Group’s acquisition of Luz Saúde. The transaction was valued at €310 million.
The deal received Portuguese law legal advice from Morais Leitão and Linklaters in Portugal. KPMG Portugal and Natixis Partners provided financial advice, while EY carried out the due diligence.
Legal advisors ranking
In the legal advisors ranking by number of transactions, Cuatrecasas Portugal leads with 13 deals. By transaction value, Morais Leitão leads in 2026, with €708.78 million.
The report publishes rankings of financial and legal advisors through July 2026 across M&A, Private Equity, Venture Capital and Capital Markets, with advisor activity measured by the number of transactions and total transaction value.
