Portugal M&A in 2025: the top dealmakers so far
The Portuguese legal deals market experienced a first half of 2025 marked by a decline in the number of transactions, although some high-value deals and legal advisory work stood out. According to the quarterly report by TTR Data, Portugal recorded 244 transactions in the first half of the year, representing a 23.99% drop compared to the same period in 2024. The total value of these deals reached €4.041 billion — a sharp decrease of 38.09% year-on-year.
Among the four areas covered in the report, M&A led with 99 transactions (€954 million), followed by Asset Acquisition with 61 deals (€1.89 billion), Venture Capital with 52 transactions (€329 million), and Private Equity with 32 transactions (€868 million).
Despite the decline in volume, the period saw a few standout high-value deals. The most valuable deal highlighted by TTR Data was the acquisition of Somincor — the Portuguese subsidiary of Lundin Mining, operating in the mining sector — by Boliden, for an estimated €1.227 billion. Advisers involved in the transaction included EY Portugal (financial adviser) and Uría Menéndez (legal adviser) for the buyer, while Morais Leitão acted as legal adviser to Lundin Mining.
In the private equity segment, there were 32 deals involving Portugal, with a total value of €868 million. This reflects a significant 36% drop, signaling greater caution among institutional investors in the current macroeconomic climate. As for venture capital, Portugal closed the semester with 52 transactions totaling €329 million — a 46.3% year-on-year decrease. Asset acquisitions also saw strong activity, with 71 transactions totaling €1.89 billion (-22.7%), driven mainly by cross-border operations.
Regarding sectors with the highest deal counts, real estate remained the most active in the semester (44 deals), followed by technology (Internet, Software & IT Services, 29), tourism and leisure (25), and renewable energy (13). These figures suggest relative stability in the sectors traditionally most dynamic in the Iberian market.
Top 10 law firms in deals
As for the leading legal advisers in the Portuguese market, the TTR ranking places Vieira de Almeida, PLEN Advogados, and Morais Leitão at the top, based on total deal value advised:
- Vieira de Almeida: €490 million
- PLEN Advogados: €490 million
- Morais Leitão: €257.97 million
They are followed by:
- Uría Menéndez: €215 million
- Garrigues: €212 million
- DLA Piper: €153 million
- PLMJ: €138.82 million
- KGSA Advogados: €126.46 million
- Andersen Portugal: €125 million
- SRS Legal: €121.61 million
In terms of number of transactions, the ranking shows:
- Cuatrecasas Portugal (20 deals)
- CCA Law Firm (18)
- Morais Leitão (15)
- PLMJ (14)
- Garrigues (12)
- SRS Legal (12)
- Proença de Carvalho (9)
- CS’Associados (7)
- Vieira de Almeida (6)
- Uría Menéndez (3)
Top dealmakers in 2025
According to the TTR Data report for Q2 2025, the top dealmakers based on total deal value advised were:
- Jorge Simões Cortez (Morais Leitão): €172 million
- Catarina Brito Ferreira & Gonçalo Fleming (Morais Leitão): €152 million
- Catarina Tavares Loureiro (Uría Menéndez Portugal): €152 million
Others in the list include:
- Nuno Azevedo Neves (DLA Piper ABBC): €150 million
- Mariana Abreu (Andersen Portugal): €125 million
- João Bento (DLA Piper): €125 million
- Stéphanie Sá Silva (DLA Piper): €125 million
- Mário Lino Dias (Garrigues Portugal): €87.24 million
- Paulo Bandeira (SRS Legal): €79.11 million
- Susana Pimenta de Sousa, Marta Graça Rodrigues & Diogo Plantier Santos (Garrigues/Linklaters Portugal): €78.83 million each
- Gustavo Ordonhas Oliveira (SRS Legal): €77.71 million
- Duarte Schmidt Lino (PLMJ): €70 million
By number of transactions, the top 10 are:
- Domingos Cruz (CCA Law Firm): 11 deals (also top in 2024)
- Paulo Bandeira (SRS Legal): 8
- André Matias de Almeida (Proença de Carvalho): 8
- Vasco Bivar de Azevedo (Cuatrecasas Portugal): 7
- Gustavo Ordonhas Oliveira (SRS Legal): 6
- Mário Lino Dias (Garrigues Portugal): 4
- Samantha Cyrne (Cuatrecasas Portugal): 4
- Luís Roquette Geraldes (Morais Leitão): 4
- Bernardo Abreu Mota (CS’Associados): 4
- Jorge Simões Cortez (Morais Leitão): 3
