Portugal M&A hits €2.2B, Morais Leitão leads by value
Up to May 2026, the Portuguese transactional market saw the completion of 181 transactions, totalling €2.2 billion. Of these, 29% disclosed their values, according to the latest report by TTR Data. These figures represent a 31% decrease in the number of transactions compared to the same period of 2025, as well as a 21% reduction in capital mobilised.
In May, 23 mergers and acquisitions were recorded, between announced and completed, with a total value of €718.7 million.
In sector terms, Internet, Software & IT Services and Real Estate were the most active sectors in 2026, with 21 transactions each.
Cross-Border Scope
In the Cross-Border scope, in terms of number of transactions, Spain was the country that invested the most in Portugal during the period, accounting for 15 transactions.
Portuguese companies chose Spain and the United Kingdom as their main investment destinations, with 19 and six transactions, respectively.
Foreign acquisitions in the Technology and Internet sector fell by 13% compared to the same period of 2025.
Private Equity, Venture Capital and Asset Acquisitions
Up to May 2026, 29 Private Equity transactions were recorded, representing a 27% drop in the number of operations compared to the same period of 2025.
In Venture Capital, 34 investment rounds were completed, totalling €351 million, representing a 22% increase in total invested capital.
In the Asset Acquisitions segment, 37 transactions were recorded with a value of €494 million, representing a 35% decrease in capital mobilised.
Transaction of the month
The transaction highlighted by TTR Data in May 2026 was the completion of the acquisition of Novo Banco by Groupe BPCE. The transaction value was €6.7 billion.
The operation involved Portuguese law legal advice from CS’Associados; PwC Portugal; DLA Piper; Vieira de Almeida; and Linklaters in Lisbon. Bank of America provided financial advisory services.
Ranking of financial and legal advisors
The report publishes the rankings of financial and legal advisors up to May 2026 in M&A, Private Equity, Venture Capital and Capital Markets, where advisors’ activity is reflected by the number of transactions and total value.
Regarding the ranking of legal advisors, by number of transactions Cuatrecasas in Portugal leads with 10 operations. By value, Morais Leitão leads throughout 2026, totalling €698.6 million.
As for the ranking of financial advisors, by number of transactions and by value, BTG Pactual leads with one transaction totalling €698.6 million.
