M&A in Portugal 2025: mobilised capital up 28%
In 2025, the Portuguese transactional market recorded 655 completed deals, totalling €17.5 billion. Of these, 43% disclosed their values, according to the latest report by TTR Data. These figures represent a 0.4% decrease in the number of transactions compared with the same period in 2024; however, mobilised capital increased by 28%, states TTR Data.
In the fourth quarter of the year, 142 mergers and acquisitions were recorded, including both announced and closed deals, with a total value of €3.5 billion. From a sectoral perspective, real estate was the most active sector in 2025, with 105 transactions, followed by internet, software and IT services, with 79 deals.
Cross-border activity
In cross-border terms, Spain and France were the countries that invested the most in Portugal by number of transactions, recording 59 and 35 deals, respectively. Portuguese companies selected Spain and the United States as their main investment destinations, with 47 and 21 transactions, respectively.
Foreign acquisitions in the technology and internet sector fell by 45% compared with the same period in 2024. Acquisitions by US companies of Portuguese businesses remained stable, with no growth over the period.
Private equity, venture capital and asset acquisitions
In 2025, 107 private equity transactions were recorded, with mobilised capital of €8.5bn, representing a 33% increase in the number of deals compared with the same period in 2024. In venture capital, 134 investment rounds were completed, totalling €830 million, representing a 7% decrease in the number of transactions. In the asset acquisitions segment, 146 transactions were recorded with a total value of €4.3 billion, representing a 5% increase in deal volume.
Deal of the year
The transaction highlighted by TTR Data in 2025 was the completion of Galp Energia’s sale of a 10% stake in exploration and production assets in Mozambique to Abu Dhabi National Oil Company. The transaction was valued at USD 881m. The deal received Portuguese law legal advice from PLMJ. PwC Portugal carried out the due diligence.
Financial and legal advisers rankings
The report publishes the 2025 rankings of financial and legal advisers in M&A, private equity, venture capital and capital markets, reflecting advisers’ activity by number of transactions and total deal value.
In the legal advisers ranking by number of transactions, Morais Leitão led throughout 2025 with 42 deals. By value, Linklaters Portugal ranked first, with a total of €9 billion.
In the financial advisers ranking by number of transactions, Oaklins Portugal led with three transactions. By value, Bank of America ranked first, with €6.4 billion.
