TTR Data: M&A drops, Venture Capital gains in Spain
Spain’s transactional market has registered 931 mergers and acquisitions (M&A), both announced and closed, through April 2025, with an aggregate value of €22.85 billion, according to the latest monthly report by TTR Data. This reflects a 20% year-on-year drop in transaction volume and an 18% decrease in capital raised compared to the same period in 2024.
Despite the overall slowdown, Spain’s Venture Capital segment recorded a notable 30% increase in capital raised, totaling €1.63 billion across 179 transactions, of which 147 disclosed their financial terms. However, the number of VC deals still declined by 29% year-on-year.
Key Trends and Sector Highlights
- April 2025 alone saw 212 M&A deals in Spain worth €2.03 billion.
- Real Estate continues to be the most active sector in 2025 with 204 deals, maintaining the top spot for the fourth consecutive year.
- Internet, Software & IT Services follows with 73 deals, a 45% drop from 2024.
- The Business and Professional Services sector recorded 63 deals, a 6% decrease year-on-year.
Cross-Border Activity
Spanish firms favored Portugal (21 deals), the UK (18 deals), and the US (16 deals) for outbound investments, while France led in deal value, attracting around €1.12 billion from Spain.
For inbound investment, UK (54), France (47), and US (45) companies were the top acquirers of Spanish firms. France stood out again in value terms, with €2.36 billion in transactions.
Private Equity and Asset Acquisitions
Private Equity activity saw 104 deals, a 23% drop in volume and a 38% decline in disclosed deal value (€7.59 billion).
The Asset Acquisition market recorded 262 deals worth €2.31 billion, marking an 8% drop in volume and a 54% decrease in capital raised compared to April 2024.
Deal of the Month
TTR Data highlighted the acquisition of Celsa Steel UK and Celsa Nordic from Celsa Group by Sev.en Global Investments as April’s standout transaction. Valued at approximately €625 million, the deal involved a multi-advisor team including:
- Legal advisors: Clifford Chance, Gómez-Acebo & Pombo, and Linklaters Spain
- Financial advisors: Citigroup and Deloitte Spain
- Due Diligence: Clifford Chance
- Communications: Kreab Iberia
Advisor Rankings
- Top financial advisor by deal value: BBVA (€1.78 billion across 7 deals)
- Top legal advisors by deal value: Pérez-Llorca (€5.41 billion), A&O Shearman Spain (€4.32 billion), and Uría Menéndez Spain (€3.93 billion)
- Top legal advisors by deal volume: Garrigues Spain (36 deals), Cuatrecasas Spain (35 deals), and Uría Menéndez Spain (24 deals)
The report also features a Dealmaker Q&A with María Pilar García Guijarro, partner at Watson Farley & Williams, sharing insights on the outlook for Spain’s M&A market in 2025.
