Spain M&A: Cuatrecasas and Uría lead through August
The Spanish transaction market recorded a total of 1,938 deals through August, with an aggregate value of €63.7 billion, according to the monthly report by TTR Data. These figures represent a 17% decline in the number of transactions, as well as an approximately 9% decrease in capital deployed, compared with the same period in 2025.
In August alone, a total of 75 mergers and acquisitions, both announced and completed, were recorded, with an aggregate value of €1.4 billion.
By sector, Real Estate was the most active sector of the year, with a total of 454 transactions, followed by Internet, Software and IT Services, with 174.
Cross-Border
In the Cross-Border market, through August 2026, Spanish companies selected the United States and the United Kingdom as their main investment destinations, with 39 and 34 transactions, respectively.
Meanwhile, the United States and France, with 110 and 105 transactions, respectively, were the countries that made the highest number of investments in Spain. In terms of transaction value, the United States led with €7.7 billion.
Private Equity, Venture Capital and Asset Acquisitions
Through August, a total of 244 Private Equity transactions were recorded, worth €17.2 billion, representing an approximately 14% decline in the number of transactions and an approximately 13% decrease in transaction value compared with the same period last year.
Meanwhile, the Venture Capital market recorded 348 transactions with an aggregate value of €5.3 billion, representing an approximately 20% decline in the number of transactions and an approximately 43% increase in transaction value year-on-year.
In the Asset Acquisitions segment, 584 transactions were recorded, with an aggregate value of €10.9 billion. This represents an approximately 8% decline in the number of transactions and a 40% increase in transaction value year-on-year.
Deal of the month
In August 2026, TTR Data selected the acquisition of US-based Webster Financial Corporation by Spanish financial institution Banco Santander as its featured transaction. The transaction, valued at approximately US$12.2 billion, was legally advised by Davis Polk, Uría Menéndez, Deloitte Legal and Wachtell, Lipton, Rosen & Katz. Deloitte Spain and J.P. Morgan provided due diligence advice.
Legal adviser rankings
The report publishes its 2026 financial and legal adviser rankings for M&A, Private Equity, Venture Capital and Capital Markets, highlighting firms based on the number and value of transactions.
TTR Data’s legal adviser ranking by number of transactions is led in 2026 by Cuatrecasas Spain, with 112 deals, followed by Garrigues, with 74 transactions. By value, Uría Menéndez leads with €19.3 billion, followed by Freshfields, with €8.6 billion.
