Spain closes the third quarter of 2025 with a 12% decrease in its Mergers and Acquisitions market

The Spanish mergers and acquisitions (M&A) market exhibited mixed signals of activity and transformation during the third quarter of 2025. Although the capital deployed in M&A transactions recorded a 10% year-on-year decrease, market dynamism remains evident. According to TTR’s quarterly report, despite this adjustment, the investment ecosystem continues to show signs of vitality, particularly in the venture capital sector, which experienced a 76% increase in capital deployed up to September.

Breakdown of transactions

The TTR report indicates that mergers and acquisitions led transactional activity in Spain, with a total of 970 transactions amounting to €40.312 billion. In the private equity segment, 287 transactions were recorded, totalling €21.238 billion. Venture capital demonstrated remarkable dynamism, with 458 transactions reaching €4.283 billion, representing a 76% increase in capital deployed through September. Asset acquisitions also played a significant role, with 617 operations valued at €8.370 billion.

Sectors in motion

The real estate sector consolidated its position as the most active market segment, accounting for 478 transactions, followed by the internet, software, and IT services sector with 208 transactions. These figures reflect the continued relevance of both sectors amid a general market adjustment.

Spanish companies’ international expansion

Spanish companies continue to expand internationally, identifying strategic opportunities abroad to strengthen their global footprint. As in the previous year, the preferred destinations for Spanish investments were Portugal, the United States, and Italy, with 46, 42, and 39 transactions, respectively. This drive towards international markets highlights Spanish companies’ ability to diversify their operations and capitalise on opportunities in promising economies.

International interest in the Spanish market

While Spanish firms are increasingly looking abroad, foreign investment in Spain has also displayed a positive trend. International investors continue to perceive Spain as an attractive market, with 138 transactions undertaken by British companies, 121 by French firms, and 110 by US companies. By value, the United States stands out, with €5.492 billion.

Source: TTR Data (Transactional Track Record)