Portugal: Investment in M&A falls by 41% through July

The mergers and acquisitions (M&A) market in Portugal accumulated a total of 309 transactions in the first seven months of the year, representing a decrease of 18.7% compared to the same period in 2024. The total amount mobilised stood at €4.873 billion, representing a decrease of 41%, according to the monthly report by TTR Data.

By type of transaction, venture capital recorded 43 transactions up to July, with an aggregate amount of €1.018 billion, representing a 62% decrease in value and a slight 2.3% decrease in the number of transactions. In the case of venture capital, 65 transactions were closed, 33% less than in 2024, mobilising €440 million, with a 37% drop in capital invested.

The most active sector in mergers and acquisitions was real estate, with 53 transactions so far this year, followed by Internet, software and IT services, tourism and leisure, and renewable energy.

Cross-border

In the cross-border arena, Spain led investments in Portugal, with 34 transactions worth a total of €314 million. Conversely, Spain was also the main destination for Portuguese companies’ purchases abroad, with 21 transactions worth €211.9 million.

The report reflects a picture of adjustment in the Portuguese market, in line with the general slowdown in the European investment environment in 2025.

Advisors

In TTR Data’s ranking of legal advisors by number of transactions, CCA Law Firm leads the way in 2025 with 23 transactions, followed by Cuatrecasas Portugal with 22 transactions. In terms of value, VdA – Vieira de Almeida leads the year with €662 million, followed by Morais Leitão, Galvão Teles, Soares da Silva & Associados with €506.47 million.