Portugal M&A reaches €5.3 billion in 2026
Up to August 2026, the Portuguese transactional market recorded 327 deals, totalling €5.3 bIllion, according to the latest report by TTR Data. These figures represent a 27% decline in the number of transactions compared with the same period in 2025, as well as a 58% decrease in capital invested.
In terms of sectors, Real Estate was the most active sector in 2026, with 53 transactions. In August, 18 M&A transactions were recorded, both announced and completed, with a total value of €412.9 million.
Cross-border
In terms of cross-border activity and number of transactions, Spain was the country that invested the most in Portugal during the period, with 25 transactions. Portuguese companies chose Spain and Brazil as their main investment destinations, with 34 and eight transactions, respectively. Foreign acquisitions in the Technology and Internet sector fell by 22% compared with the same period in 2025.
Private Equity, Venture Capital and Asset Acquisitions
Up to August 2026, 48 Private Equity transactions were recorded, representing a 29% decline in the number of deals compared with the same period in 2025.
In Venture Capital, 60 investment rounds were completed, totalling €560m, representing 1% growth in total capital invested.
In the Asset Acquisitions segment, 77 transactions were recorded with a total value of €2.3 billion, representing a 22% decline in capital invested.
Deal of the month
The transaction highlighted by TTR Data in August 2026 was the completion of the acquisition of a 75% stake in HPA Health Group by CUF (click to read). The transaction was valued at €135 million. The deal was supported by Cuatrecasas and CS’Associados. Deloitte carried out the due diligence.
Legal advisors rankings
The report publishes the rankings of financial and legal advisors through August 2026 across M&A, Private Equity, Venture Capital and Capital Markets, with advisor activity measured by the number of transactions and total transaction value.
In the legal advisors ranking by number of transactions, CCA Law Firm leads with 17 deals. By value, Morais Leitão leads in 2026, with €1.1 billion.
