M&A market in Spain decreases by 27% in February 2025

The Spanish transactional market (M&A) has registered a total of 421 deals with an aggregate amount of EUR 7,539m up to February, according to TTR Data‘s monthly report. These figures represent a 27% decrease in the number of transactions, as well as a 15% decrease in the capital mobilized, compared to the same period in 2024.

In the ranking of legal advisors, by number of transactions, Garrigues leads in 2025, with 14 deals, followed by Uría Menéndez, with 9 transactions. By amount, Latham & Watkins leads with EUR 1,189m and A&O Shearman, with EUR 1,047m.

Sectorial

In terms of sectors, the Real Estate sector was the most active of the year, with a total of 103 transactions, followed by the Internet, Software and IT Services sector, with 32.

Cross-Border

With regard to the Cross-Border market, in February 2025, Spanish companies chose Portugal, the United Kingdom and the United States as their main investment destinations, with 11, 9 and 9 transactions, respectively.

On the other hand, the United States and the United Kingdom, with 24 and 20 transactions, respectively, are the countries with the highest number of investments in Spain. By amount, the United States stands out, with EUR 594m.

Private Equity, Venture Capital and Asset Acquisitions

February saw 42 Private Equity transactions totaling EUR 1,888m. Compared to the same period last year, this marks a sharp 44% decline in the number of deals and a 34% drop in transaction value.

Meanwhile, the Venture Capital market recorded 82 transactions with an aggregate value of EUR 594m. This represents a 38% decrease in deal volume and a 14% decline in total transaction value year-on-year.

In the Asset Acquisitions segment, activity also slowed down, with 125 transactions amounting to EUR 701m. This reflects a 7% reduction in the number of deals and a significant 63% drop in transaction value compared to February 2023.

Legal advisor rankings

The report publishes the 2025 financial and legal advisor rankings in M&A, Private Equity, Venture Capital and Capital Markets, where the activity of the leading firms by number of transactions and transaction amounts is reported.

In the TTR Data ranking of legal advisors, by number of transactions, Garrigues leads in 2025, with 14 deals, followed by Uría Menéndez, with 9 transactions. By amount, Latham & Watkins leads with EUR 1,189m and A&O Shearman, with EUR 1,047m.