Spain closes 2025 with a sharp rise in deal value despite a fall in transaction volume

The Spanish mergers and acquisitions market ended 2025 with a strong recovery in total deal value, reaching €103.085 billion, up 19.4% compared to the previous year. By contrast, the number of transactions fell by 8.02%, with 3,336 deals completed over the year.

This performance reflects a year characterised by fewer, but significantly larger transactions, with major deals playing a decisive role in driving the overall positive outcome. According to market experts, after a slower start, 2025 closed with a solid end-of-cycle performance for Spanish M&A activity.

Most dynamic sectors

Energy and infrastructure, financial services and telecommunications were the most active and sophisticated sectors, while education and sports stood out for a number of high-value, landmark transactions.

Private Equity and Venture Capital: sustained momentum

Private equity investment reached €33.676 billion, representing a 16.49% increase compared to 2024, despite a lower number of deals.

Venture capital recorded particularly strong growth, with deal value rising by 58.13% to €5.565 billion, driven mainly by technology, software, biotechnology and healthcare.

Cross-border activity: Spain remains an attractive investment destination

• Inbound: 988 transactions worth €36.564 billion, primarily from the United Kingdom, France, the United States, Germany and Luxembourg.
• Outbound: 513 transactions totalling €24.569 billion, with Portugal, the United States, Italy and the United Kingdom among the preferred destinations.

Outlook for 2026

Analysts anticipate a dynamic year ahead, with strong activity expected in digital infrastructure — including data centres and fibre networks — as well as technology and artificial intelligence, healthcare and pharmaceuticals, financial services and fintech. The education sector is also set to continue growing, driven by structural demand and its defensive profile.

*Source: TTR (Transactional Track Record)