The Spanish transactional market recorded a total of 1,532 mergers and acquisitions in the first half of 2024, between announced and closed, for an aggregate amount of EUR 54,632m, according to TTR Data‘s quarterly report. These figures represent a 3% decrease in the number of transactions and a 48% increase in their amount, compared to the same period in 2023.

In terms of sectors, real estate is the most prominent sector of the year, with a total of 278 transactions, although it has registered a decrease of 18% compared to H1 2023; followed by the Internet, Software and IT Services sector, with 156 transactions and a year-on-year decrease of 11%; and the Tourism, Hospitality and Leisure sector, with 47 transactions and an increase of 68% compared to H1 2023.

The ranking of legal advisors, by number of transactions in M&A, private equity, venture capital and asset acquisitions, is led by Cuatrecasas, with 89 deals in 2024, followed by Garrigues, with 65 transactions. By amount, Garrigues and Uría Menéndez lead with EUR 23.504m and EUR 22.859m, respectively.

Cross-Border

With regard to the Cross-Border market, in the first half of the year, Spanish companies have chosen the United States and Portugal as their main investment destinations, with 32 and 29 transactions in each country, respectively. In terms of amount, the United States is the country in which Spain has made the largest disbursement, with an aggregate amount of EUR 4,276m.

On the other hand, the United States (88), France (80) and the United Kingdom (69) are the countries that made the greatest number of investments in Spain during the year. By amount, the United States stands out, with an aggregate amount of EUR 7,895m.

Private Equity and Venture Capital

In the first six months of 2024, a total of 189 private equity transactions were recorded, of which 45 had an aggregate non-confidential amount of EUR 19,162m. This represents a 6% increase in the number of transactions and a 143% increase in their amount, compared to the same period of the previous year.

In the Venture Capital market, 331 transactions were carried out, of which 248 had an aggregate non-confidential amount of EUR 1,650m. In this case, there was a 5% decrease compared to the same period of 2023 in the number of transactions and a 0.15% decrease in the capital raised.

Asset Acquisitions

In the asset acquisition market, 404 transactions were closed in the first half of the year for an amount of EUR 7,664m, which implies a 12% decrease in the number of transactions and a 97% increase in their amount, compared to the same period of 2023.

Transaction of the Quarter

For the first half of 2024, TTR Data has selected as a highlight transaction the takeover bid byI Squared Capital and TDR Capital for Applus+, through which they have acquired 70.65% of the company for approximately EUR 1,165m.

The transaction has been advised by A&O Shearman; Lefosse; Linklaters and Uría Menéndez. On the financial side, the deal was advised by Evercore Partners; J.P. Morgan and PJT Partners.

Finally, on the Public Relations side, the transaction has been advised by LLYC.

Ranking of Legal and Financial Advisors

The TTR ranking of financial advisors by amount in the M&A market during the first half of 2024 is led by J.P. Morgan Chase International Holdings, with EUR 15,451m, while the ranking by number of transactions is led by Norgestión, with 10 transactions.

In terms of the ranking of legal advisors, Garrigues España leads in terms of amount, with EUR 23,504m, while Cuatrecasas España ranks first in terms of number of transactions, with 89 deals advised.

Source: Iberian Lawyer - Spain