Spain M&A: capital up 69% to €42.1B in 2026
Spain’s M&A market registered 965 announced and closed transactions through April 2026, with an aggregate value of €42.1 billion, according to TTR Data‘s April 2026 report. While deal volume fell 13% year-on-year, capital mobilised surged 69% compared to the same period in 2025. In April alone, 219 M&A transactions were recorded for a combined value of €4.9 billion.
The real estate sector retained its position as the most active for the fifth consecutive year, with 226 transactions, despite a year-on-year decline. It was followed by the Internet, Software and IT Services sector with 97 transactions (down 7% year-on-year) and the Business and Professional Support sector with 81 transactions (up 13%).
Cross-border activity
On the outbound side, Spanish companies directed most of their international investments toward the United States and the United Kingdom, with 19 and 18 transactions respectively. By value, the US was the primary destination, with an aggregate outflow of approximately €10.74 billion.
On the inbound side, France (52 transactions) and the United States (48 transactions) were the most active foreign investors in Spain. By value, the US again led with approximately €6.8 billion invested in Spain. Foreign acquisitions in the Technology and Internet subsector increased 5% compared to the same period in 2025.
Private Equity and Venture Capital
Private equity activity through April 2026 totalled 118 transactions, of which 22 had a disclosed aggregate value of €10.2 billion — a 10% decline in volume but an 11% increase in value year-on-year.
The venture capital segment recorded 181 transactions, with 143 carrying a disclosed aggregate value of €2.3 billion. This represents a 20% drop in deal count but a 26% rise in capital deployed compared to the same period in 2025.
In the asset acquisitions market, 291 transactions were closed for €3.9 billion, reflecting a 4% decline in volume and a 102% decline in value relative to April 2025.
Deal of the month
TTR Data selected as its deal of the month for April 2026 the acquisition of 100% of British bank TSB from Banco Sabadell by Banco Santander. The transaction, valued at approximately €3.3 billion, was advised legally by A&O Shearman, Pérez-Llorca, Uría Menéndez and Freshfields.
Advisor rankings
In the legal advisor ranking by value, Uría Menéndez leads with €20.1 billion, followed by Garrigues with €7.985 billion and Linklaters with €7.9 billion. By number of transactions, Cuatrecasas tops the table with 47 deals, ahead of Uría Menéndez with 33 and Pérez-Llorca with 30.
