In the first half of 2024, the Portuguese transactional market saw the completion of 252 operations, totaling € 4.6 billion, according to the latest TTR Data ranking, which analyzes the period from January 1 to June 30, 2024. By the number of transactions, CCA Law Firm leads with 15. In terms of value, Morais Leitão is ahead, accounting for a total of € 714.81 million.

The report publishes the financial and legal advisory rankings for the first half of 2024 in M&A, Private Equity, Venture Capital, and Capital Markets, where the activity of advisors is reflected by the number of transactions and the total value. Of the total transactions, 38% revealed their values. The numbers represent a 24% drop compared to the same period in 2023, as well as a 16% decrease in mobilized capital.

Sector-wise, according to the report, the Real Estate sector was the most active in 2024, with 53 transactions, followed by the Internet, Software & IT Services sector with 29 operations, which recorded a 24% drop compared to 2023. The Renewable Energy sector registered a 6% increase.

Cross-border deals

In the cross-border scope, in terms of the number of transactions, Spain and France were the countries that invested the most in Portugal during the period, accounting for 29 and 17 transactions, respectively. Portuguese companies chose Spain and the United Kingdom as their main investment destinations, with 20 and nine transactions, respectively. Foreign acquisitions in the Technology and Internet sector increased by 52% compared to the same period in 2023, states the TTR report.

Private Equity, Venture Capital, and Asset Acquisitions

In the first half of 2024, 24 Private Equity transactions were recorded, totaling € 587 million. In Venture Capital, 62 investment rounds were completed, totaling € 445 million, representing an 18% drop in the number of transactions. In the Asset Acquisitions segment, 61 transactions were recorded with a value of € 1.7 billion, representing a 14% drop in the volume of operations.

The major acquisition

The transaction highlighted by TTR Data in the second quarter of 2024 was the completion of the acquisition of Vision-Box by Amadeus. The transaction value is approximately € 320 million. The operation had legal advisory on Portuguese law from the offices of Linklaters Portugal and DLA Piper ABBC. Financially, it was advised by Houlihan Lokey and Deloitte Spain, and for Due Diligence by Deloitte Portugal.

Source: Iberian Lawyer - Spain