M&A deals reach €409M in Portugal in 2026

In January 2026, the Portuguese transactional market saw 33 deals completed, totaling €409 million. Of these, 27% disclosed their values, according to the latest report from TTR Data. These figures represent a 44% decline in the number of deals compared to the same period in 2025, as well as an 8% decrease in total capital raised. By sector, Internet, Software & IT Services was the most active in 2026, with five transactions.

Cross-Border Activity

Regarding cross-border deals, Spain and Italy were the countries investing most in Portugal during the period, with two transactions each. Portuguese companies chose Spain and Germany as their main investment destinations, also with two deals each. Foreign acquisitions in the Technology and Internet sector fell by 50% compared to the same period in 2025.

Private Equity, Venture Capital, and Asset Acquisitions

In January 2026, seven Private Equity deals were recorded, a 22% decrease in deal count compared to January 2025. In Venture Capital, five investment rounds were completed, totaling EUR 47m, representing a 44% decline in transactions. In Asset Acquisitions, seven deals were recorded with a total value of EUR 50m, representing a 105% increase in capital deployed.

Deal of the Month

The highlighted transaction by TTR Data in January 2026 was the sale of Banco Comercial do Atlântico by Caixa Geral de Depósitos, valued at €82 million. The deal received Portuguese law advice from Abreu Advogados, while Caixa BI provided financial advisory services.

Legal advisors rankings

The report publishes rankings of financial and legal advisors in January 2026 for M&A, Private Equity, Venture Capital, and Capital Markets, reflecting advisor activity by deal count and total value.

In the legal advisor ranking, by number of deals and value, Abreu Advogados and SRS Legal lead in 2026 with one deal each totaling €15 million.

TTR Data rankings include deals announced between 1 and 31 January 2026.