M&A: a 2025 full of optimism
After difficult months in the M&A market, the sector is showing signs of recovery. Norgestion, Baker Tilly, You Are Capital and Alvarez & Marsal highlight their outlook for the coming year and the sectors with the most potential
Experts: Jose Antonio Barrena, president of Norgestion; Ignacio Basagoiti, managing director of Alvarez & Marsal; Julien Lagenette, co-founder and partner of You Are Capital; Diego Gutierrez, transaction partner at Baker Tilly; Alejandro González, managing director and co-country head for Spain and Portugal at Alvarez & Marsal; Jean François Alandry, CEO and founder of You Are Capital
by julia gil
M&A recovers. After complicated months in the Spanish transaction market, the crisis experienced in the M&A market seems to be over. According to TTR Data, the Spanish transactional market has registered up to November a total of 2,939 deals with an aggregate amount of 89,764 million euros. These figures represent a 2% increase in the number of transactions, as well as a 20% increase in the capital mobilized, compared to the same period in 2023. Expecting this progressive growth to continue, expectations for the coming year are promising, with a focus on specific sectors and a clear trend towards more strategic transactions.
2025 OUTLOOK: OPTIMISTIC CONSENSUS
All financial experts consulted agree that 2025 will be a year of recovery. Those who contribute to the formalization and closing of corporate transactions glimpse a promising future. From the financial advisory firm Norgestion they express their optimism regarding the M&A market. They acknowledge that they started the year with a solid portfolio, which they managed to convert into completed transactions, and they expect 2025 to follow a similar trend. “The drop in rates allows us to think about a greater investor appetite on the part of private equity, as well as new debuts or secondary operations in the capital markets,” adds Jose Antonio Barrena, president of Norgestion. In the same vein, Ignacio Basagoiti, managing director of Alvarez & Marsal’s transactional advisory group in Iberia (Spain and Portugal), shares a positive outlook for the coming year. “Our outlook at A&M for 2025 is good, given that there is still a lot of dry powder – money available for investment by funds – and a high need for private equity funds to rotate portfolios,” he says.
