Spain’s M&A market: deal value up 163% to €29.2B
Spain’s transactional market recorded a total of 415 deals up to February, with an aggregate value of €29.256 billion, according to the monthly report by TTR Data. These figures represent a 25% decrease in the number of transactions and a 163% increase in deployed capital compared with the same period in 2025. By sector, real estate has been the most active so far this year, with a total of 91 transactions, followed by Internet, software and IT services, with 46 deals.
Cross-border activity
In February 2026, Spanish companies’ main investment destinations were the United Kingdom, the United States and Germany, with 13, 11 and 9 transactions, respectively. Conversely, France, the United States and the United Kingdom were the countries with the highest number of investments into Spain, recording 26, 19 and 14 transactions, respectively. By value, the United States stood out, with €6.026 billion invested.
Private equity, venture capital and asset acquisitions
In February, a total of 52 private equity transactions were recorded, amounting to €7.812 billion. This represents an approximate 28% decrease in the number of transactions and a 70% increase in deal value compared with the same period last year.
In the venture capital market, 82 transactions were completed for an aggregate value of €829 million, implying a year-on-year decrease of 23% in the number of deals and 16% in total value.
In the asset acquisitions segment, 131 transactions were recorded for a total of €1.761 billion, representing a 14% decline in the number of deals and a 98% increase in value year on year.
Deal of the month
For February 2026, TTR Data selected as the featured transaction the acquisition of a portfolio of photovoltaic projects in Spain from Bestinver Infra, an entity controlled by Bestinver (Grupo Acciona), by IST3 Infrastruktur Global, a Swiss pension fund.
The transaction, valued at approximately €330 million, was advised on the financial side by Renta 4, KPMG España and EY España. Legal advice was provided by Pérez-Llorca, Cuatrecasas and EY Abogados. Due diligence was advised by EY Abogados, while technical advice was provided by AFRY.
Financial and legal advisors rankings
The report publishes the 2026 rankings of financial and legal advisors in M&A, private equity, venture capital and capital markets, detailing firms’ activity by number and value of transactions.
In the TTR Data ranking of legal advisors by number of deals, Pérez-Llorca leads so far in 2026 with 13 transactions, followed by Cuatrecasas with 12 deals. By value, Uría Menéndez tops the ranking with €17.267 billion, followed by Latham & Watkins with €6.277 billion.
