Portugal M&A market reaches €1.3B in 2026, down 28%
Portugal’s transactional market registered 141 deals worth a combined €1.3 billion between January and April 2026. The figures represent a 32% decline in deal volume and a 28% drop in capital mobilised compared with the same period in 2025, according to TTR Data‘s April 2026 report.
In April alone, 25 mergers and acquisitions were announced or completed, with a combined value of €385.09 million. On a sectoral basis, Internet, Software & IT Services and Real Estate were the most active segments, each recording 21 transactions during the period.
Cross-border activity
Spain was the most active foreign investor in Portugal, accounting for 13 inbound transactions. Portuguese companies directed their outbound investment primarily towards Spain and the United Kingdom, with 17 and six transactions respectively. Foreign acquisitions in the Technology and Internet sector fell 30% compared with the same period in 2025.
Private Equity, Venture Capital and Asset Acquisitions
Private equity activity reached 24 transactions through April 2026, an 11% decline in deal count year-on-year. Venture capital recorded 21 investment rounds totalling €306 million, reflecting a 48% increase in capital deployed. Asset acquisitions stood at 32 transactions valued at €435 million, a 3% decrease in capital mobilised.
Deal of the Month
The transaction highlighted by TTR Data for April 2026 was the completion of Inverso Estratégico’s acquisition of Aquitex, valued at €20 million. Abreu Advogados provided Portuguese law legal counsel on the transaction, while EY conducted the financial due diligence.
In the legal adviser rankings by both deal count and value for the period January–April 2026, Vieira de Almeida led with seven transactions totalling €70 million.
