Spain M&A market grows 64%: Uría, Garrigues and Linklaters ahead
The Spanish transactional market registered 688 mergers and acquisitions in the first quarter of 2026, both announced and closed, for an aggregate amount of €36.2 billion, according to TTR Data‘s quarterly report. These figures represent an 18% decrease in the number of transactions and a 64% increase in value compared to the same period in 2025.
In sectoral terms, Real Estate was the most active sector of the year, with 151 transactions, although it recorded a 16% decrease compared to the first quarter of 2025. The Internet, Software and IT Services sector followed with 69 transactions and a year-on-year decrease of 13%, while the Business and Professional Support sector registered 54 transactions, up 2% compared to the first quarter of 2025.
Cross-border activity
Regarding the cross-border market, Spanish companies chose the United States, the United Kingdom and Portugal as their main investment destinations, with 15, 15 and 11 transactions respectively. In terms of value, the United States was the country where Spain made the largest outlay, with an aggregate amount of approximately €10.7 billion.
France (42), the United Kingdom (33) and the United States (31) were the countries that made the most investments in Spain during the year. By value, the United States stood out with an aggregate amount of approximately €6.2 billion.
Private equity and venture capital
In 2026, 84 private equity transactions were recorded, of which 17 had a non-confidential aggregate value of €9.6 billion. This represents a 14% decrease in the number of transactions and a 15% increase in value compared to the same period last year.
In the venture capital market, 132 transactions were carried out, of which 106 had a non-confidential aggregate value of €1.2 billion. In this case, there was a year-on-year decrease of 18% in the number of transactions and an 11% decrease in capital mobilized.
Asset acquisitions
In the asset acquisition market, 195 transactions were closed during the year with a value of €3.090 billion, representing a 16% decrease in the number of transactions and an 83% increase in value compared to the first quarter of 2025.
Featured transaction
For the first quarter of 2026, TTR Data selected as the featured transaction the acquisition of 57% of Club Deportivo Atlético de Madrid for €1.4 billion by Apollo Sports Capital, a US company dedicated to investment across the sports ecosystem, controlled by Apollo Global Management.
The transaction was advised by A&O Shearman, Ecija, Pérez-Llorca, Linklaters, Uría Menéndez and PwC Tax & Legal. For due diligence, the transaction was advised by PwC and Ecija. The deal was advised financially by Rothschild Spain, PwC and Banco Santander.
Advisor rankings
The TTR Data ranking of legal advisors in the M&A market for 2026 by value is led Uría Menéndez, Garrigues and Linklaters Spain with €18.7 billion, €7.7 billion and €7.3 billion respectively.
By number of transactions, Cuatrecasas, Uría Menéndez and Garrigues occupy the top three positions, with 40, 23 and 23 deals advised respectively.
