Between January and November 2024, the M&A Portuguese transactional market saw the completion of 503 deals, totaling €9.5 billion, according to the latest report by TTR Data. Of these, 38% disclosed their values. These figures represent a 21% drop in the number of transactions compared to the same period in 2023 and a 28% decrease in capital raised.

In November alone, 34 mergers and acquisitions were recorded (both announced and concluded), with a total value of €250.7 million, the report indicates. The real estate sector was the most active in 2024, with 88 transactions, followed by the Internet, software & IT services sector with 59 deals, which recorded a 25% decline compared to 2023.

Cross-Border activity

In cross-border terms, Spain and France were the top investors in Portugal during the period, with 65 and 35 transactions, respectively. Portuguese companies primarily targeted Spain and the United Kingdom for investments, with 38 and 13 transactions, respectively. Foreign acquisitions in the technology and internet sectors increased by 11% compared to the same period in 2023.

Private equity, venture capital, and asset acquisitions

By November 2024, 57 private equity deals had been recorded, totaling EUR 2.8 billion. Venture capital saw 105 funding rounds, totaling €715 million, representing a 36% increase in capital raised. In the Asset Acquisitions segment, 121 deals were registered, amounting to €3.0 billion, a 56% increase in total value.

TTR Data highlighted the acquisition of miMed, previously owned by Sociedade Francisco Manuel dos Santos, by CUF as the November 2024 standout transaction. The deal’s value remains confidential. Legal advisory for the transaction was provided by Cuatrecasas Portugal and Vieira de Almeida.

Rankings of financial and legal advisors

The TTR Data report also includes rankings of financial and legal advisors up to November 2024 in M&A, Private Equity, Venture Capital, and Capital Markets, reflecting advisor activity by the number of transactions and total value. As for legal advisors, PLMJ leads in 2024 with 32 transactions, totaling €1.9 billion. Among the financial advisors, by number of transactions, Banco Santander leads with five deals in 2024, while J.P. Morgan Chase International Holdings leads in value, with a total of €900 million.

The TTR Data Rankings include transactions announced between January 1 and November 30, 2024. Deals may have been completed or remain pending announcement during this period. The rankings consider the purchase and sale of equity stakes worth EUR 1 million or more. Joint ventures are excluded.

Source: Iberian Lawyer - Spain