Spain’s transactional market recorded 188 deals in January, totaling €2,121 million, according to TTR Data. This represents a 36% drop in transactions and a 47% decline in capital mobilized compared to the same period in 2024.

In terms of sectors, real estate was the most active sector of the year, with a total of 53 transactions, representing a year-on-year increase of 2%, followed by the internet, software and IT services sector, with 15.

Cross-Border

With regard to the cross-border market, in January 2025 Spanish companies chose the United Kingdom and Portugal as their main investment destinations, with 6 transactions in each country.

On the other hand, the United States and France, with 12 transactions in each case, are the countries with the highest number of investments in Spain. By amount, the United States stands out, with
EUR 289m.

Private Equity, Venture Capital and Asset Acquisitions

In January, a total of 19 private equity transactions for EUR 6m were recorded, representing a 47% decrease in the number of transactions and a 100% decrease in the amount of transactions compared to the same period of the previous year.

According to the venture capital market, 35 transactions were carried out for an aggregate amount of EUR 390m, representing a 51% decrease in the number of transactions and an 82% increase in the amount of transactions in year-on-year terms.

In addition, the asset acquisitions segment, 70 transactions were recorded for an aggregate amount of EUR 372m, representing a decrease of 51% in the number of transactions and a year-on-year increase of 82%.
372m, representing a 3% decrease in the number of transactions and a 51% decrease in the amount of transactions, year-on-year.

Legal advisor rankings

The TTR Data ranking of legal advisors, by number of transactions, is led in 2025 by Garrigues España, with 6 deals. By amount, YouandLaw leads in the course of the year with EUR 15m each.

Source: Iberian Lawyer - Spain