The M&A market in Spain fell by 17% in July 2025

The Spanish transaction market recorded a total of 1,837 deals up to July, with an aggregate value of €58.426 billion, according to the monthly report by TTR Data. These figures represent a 16.80% decrease in the number of transactions and a 10.65% decrease in capital mobilized compared to the same period in 2024. In terms of the ranking of legal advisors, Cuatrecasas leads in terms of number of transactions so far this year, with 91 deals, followed by Garrigues, with 68 transactions. In terms of value, Uría Menéndez tops the list, with a total of €17.262 billion, followed by Pérez-Llorca, with €13.535 billion advised.

In terms of sectors, real estate has been the most active sector of the year, with a total of 386 transactions, followed by the Internet, software, and IT services sector, with 155.

Cross-Border Scope

With regard to the cross-border market, in July 2025 Spanish companies chose Portugal, the United States, and Italy as their main investment destinations, with 34, 31, and 29 transactions, respectively.

On the other hand, the United Kingdom and France, with 112 and 100 transactions, respectively, are the countries that have made the most investments in Spain. France stands out in terms of amount, with €3,949.64 million.

Private Equity, Venture Capital, and Asset Acquisitions

In July, a total of 220 private equity transactions were recorded for €16.108 billion, representing a decrease of approximately 20.86% in the number of transactions and a decrease of 29.59% in their value compared to the same period last year.

Meanwhile, in the venture capital market, 359 transactions were carried out with an aggregate value of €3.008 billion, representing a decrease of 18% in the number of transactions and an increase of 44.56% in their value, in year-on-year terms.

In the Asset Acquisitions segment, 500 transactions were recorded for a total of €6.020 billion, representing a 12.74% decrease in the number of transactions and a 30.41% decrease in their value, year-on-year.

Ranking of financial and legal advisors

In the TTR Data ranking of legal advisors, by number of transactions, Cuatrecasas leads the way in 2025 with 91 deals, followed by Garrigues Spain with 68 transactions. In terms of value, Uría Menéndez leads the way for the year with €17,262 million, followed by Pérez-Llorca with €13,535 million.