M&A activity in Spain cools down 15% during August 2025

The Spanish M&A and transaction market recorded a total of 2,006 deals up to August, with an aggregate value of €65.284 billion, according to the monthly report by TTR Data. These figures represent a 15,36% decrease in the number of transactions and a 11.04% decrease in capital mobilized compared to the same period in 2024.

Ranking of legal advisors in Spain

In terms of the ranking of legal advisors, Cuatrecasas leads in terms of number of transactions so far this year, with 94 deals, followed by Garrigues, with 92 transactions. In terms of value, Uría Menéndez tops the list, with a total of €17.546,64 billion, followed by Pérez-Llorca, with €15.201,21 billion advised.

Most active sectors in M&A Deals

The real estate sector continues to dominate Spain’s transaction activity, with 410 deals so far in 2025. The Internet, software, and IT services sector ranks second, with 177 transactions, confirming its role as one of the most dynamic industries in the Spanish M&A landscape.

Cross-Border Scope

In terms of outbound investments, Spanish companies primarily targeted Portugal (38 deals), the United States (34), and Italy (31) as their main destinations in August 2025.

Meanwhile, inbound investments highlight the United Kingdom (122 deals) and France (108) as the top foreign investors in Spain. In terms of deal value, France leads with €4,376.64 billion invested.

Private Equity, Venture Capital, and Asset Acquisitions

In August, the private equity market registered 247 transactions worth €18.599 billion, showing a 22.60% drop in volume and an 18.21% decline in value compared to the same period last year.

The venture capital market closed 389 transactions with a total value of €3.645 billion, reflecting a 15.43% decrease in deal volume but a 68.74% year-on-year increase in value.

The asset acquisitions segment reached 537 transactions totaling €7.082 billion, marking a 12.40% decline in the number of deals and a 25.02% drop in value year-on-year.