Portugal M&A hits €2.3B as deal volume drops
In the first half of 2026, the Portuguese transactional market recorded 195 deals worth a combined €2.3 billion. Of these, 30% disclosed their values, according to the latest report by TTR Data. These figures represent a 38% decline in the number of transactions compared with the same period in 2025, alongside a 49% decrease in total deal value. By sector, Real Estate was the most active industry in 2026, with 30 transactions.
Cross-border activity
In terms of cross-border transactions by volume, Spain was the largest investor in Portugal during the period, completing 15 transactions. Portuguese companies chose Spain and Brazil as their main investment destinations, with 23 and six transactions, respectively. Foreign acquisitions in the Technology and Internet sector fell 28% compared with the first half of 2025.
Private Equity, Venture Capital and Asset Acquisitions
In 2026, 31 Private Equity transactions were completed, representing a 36% decline in deal volume compared with the same period in 2025. The Venture Capital segment recorded 38 investment rounds worth a total of €436 million, marking a 23% increase in invested capital.
In Asset Acquisitions, 39 transactions were completed for a combined value of €527 million, representing a 45% decline in deal volume.
Deal of the semester
TTR Data highlighted the completion of Groupe BPCE’s acquisition of Novo Banco as the standout transaction of the first half of 2026. The deal was valued at €6.7 billion. The transaction received Portuguese legal advice from CS’Associados, PwC Portugal, DLA Piper, Vieira de Almeida, and Linklaters Portugal. Bank of America acted as financial adviser.
Legal and financial adviser rankings
The report also publishes the financial and legal adviser league tables through June 2026 across M&A, Private Equity, Venture Capital and Capital Markets, ranking advisers by both the number and value of transactions.
In the legal advisers ranking by deal count, Cuatrecasas leads with 10 transactions. By deal value, Morais Leitão ranks first, advising on transactions worth a combined €698.66 million.
In the financial advisers ranking, BTG Pactual tops both the deal count and deal value tables, with one transaction totalling €698.66 million.
