Spain’s mergers and acquisitions (M&A) market saw a slight decline in the number of deals, with 1,986 transactions recorded by August 2024, a 5% decrease compared to the previous year, according to TTR Data. However, the total value of these deals surged by 40%, reaching €69.7 billion in the first eight months of the year.

In August alone, 100 deals were registered, reflecting a 36% drop compared to August 2023. Despite this, the value of transactions increased by 53%, totaling €7.18 billion.

Top Sectors: Real Estate, Internet, and Travel
The real estate sector was the most active, with 372 deals in 2024, despite a 14% decline from 2023. Internet and software followed with 190 deals, down 17%. The travel sector saw a 70% increase in activity.

Cross-Border Activity and Key Transactions
Spanish companies targeted the U.S. and Portugal for investments, with 40 and 39 transactions, respectively. The U.S. attracted the highest capital, with €4.57 billion in investments from Spain.

In reverse, the U.S. and the U.K. were the top investors in Spain, with the U.S. leading in both deal volume (114 transactions) and value (€9.85 billion).

Notable Deal of August
The standout transaction in August was the acquisition of a shopping center in León by Hungary’s Indotek Group from Blackstone for €45 million. KPMG Spain, Baker McKenzie Spain, Cushman & Wakefield, and JLL Spain provided advisory services.

Top Advisors in 2024
In financial advisory, Norgestión and Banco Santander led the rankings by the number of deals, while JP Morgan topped the list by deal value with €17.45 billion. In legal advisory, Uría Menéndez and Garrigues led by deal value, while Cuatrecasas topped the ranking by the number of transactions.

M&A expert Samuel Rosas of Clifford Chance predicts an uptick in activity, particularly in technology, telecoms, education, healthcare, and energy sectors in late 2024 and early 2025.

Source: Iberian Lawyer - Spain