Cuatrecasas and Morais Leitão lead transactional rankings
The Portuguese M&A market recorded 437 transactions worth €10.2 billion between January and October 2026, according to the latest monthly report from TTR Data. Deal count fell 22% and capital deployed fell 31% compared with the same period of 2025, while venture capital investment grew 25% to €952 million.
Only 35% of the deals disclosed their value. In October alone, 32 transactions were recorded, announced and completed combined, with a total value of €1.8 billion. Real Estate was the most active sector of the year, with 70 transactions.
Cross-border activity
By number of deals, Spain was the largest foreign investor in Portugal, with 34 transactions. Portuguese companies chose Spain and the United Kingdom as their main outbound destinations, with 40 and 11 transactions respectively. Foreign acquisitions in the technology and internet sector fell 14% against the same period of 2025.
Private equity, venture capital and asset acquisitions
TTR Data counted 62 private equity transactions, a 34% drop in volume year on year. Venture capital saw 88 investment rounds totalling €952 million, up 25% in total invested. In asset acquisitions, 91 transactions were recorded with a combined value of €4.2 billion, a 9% increase in capital deployed.
Deal of the month
TTR Data singled out the acquisition of Forum Algarve by Alfana Investment Management, valued at €130 million. Garrigues Portugal, Cuatrecasas and Pérez-Llorca provided legal advice under Portuguese law, while KPMG handled financial advisory and due diligence.
The report also publishes financial and legal adviser rankings for M&A, private equity, venture capital and capital markets, based on deal count and total value. Among legal advisers, Cuatrecasas ranks first by number of transactions, with 25 deals. By value, Morais Leitão ranks first for 2026, with €1.4 billion.
