Spain sees a 64% surge in capital mobilised on the M&A market in the first quarter of 2026

The Spanish transactional market has entered 2026 with a striking divergence between deal count and deal value: whilst the number of mergers and acquisitions fell by 18% year on year, the capital mobilised surged by 64% over the same period. According to TTR Data’s quarterly report, the market recorded 688 transactions in the first quarter, with a combined value of €36,219 billion — a clear indication that, although deals are fewer in number, they are considerably larger in scale.

Breakdown of transactions

• M&A activity accounted for the largest share of market volume, with 279 transactions totalling €22,254 billion, reinforcing its dominant position within the transactional landscape.
• Private Equity recorded 84 transactions, with total capital mobilised reaching €9,657 billion.
• The Venture Capital segment logged 132 transactions, notable for its high completion rate — 129 deals were closed — amounting to €1,218 billion.
• Asset acquisitions totalled 195 transactions, with an aggregate value of €3,090 billion.

Taken together, these figures paint a picture of a heterogeneous transactional market in which M&A continues to lead in terms of economic weight, venture capital stands out for its strong completion rate, and asset acquisitions retain a meaningful share of overall deal volume.

The most active sectors

In sectoral terms, real estate emerged as the most active segment of the Spanish transactional market during the period under review, with 151 transactions — albeit representing a 16% decline compared with the first quarter of 2025.

Internet, Software and IT Services came second, recording 69 transactions, down 13% year on year.

Business and Professional Support Services registered 54 transactions, edging up 2% relative to the first quarter of 2025.

Cross-border transactions: an international dimension

On the cross-border front, outbound acquisitions —Spanish companies investing abroad— reached 102 transactions with a combined value of €14,383 billion, of which 84 were completed. The United States, the United Kingdom and Portugal ranked as the preferred destinations for Spanish companies, both by number of deals and by value.

Inbound transactions —foreign investors acquiring assets in Spain— totalled 204 deals, with 158 completed and a combined value of €17,343 billion. France, the United Kingdom and the United States were among the leading investor countries, with the latter topping the rankings by volume, with transactions exceeding €6,259 billion.

Outlook for the remainder of the year

Despite the contraction seen in the first quarter, Spain’s M&A market rests on solid foundations. The trajectory of the economic environment, regulatory stability and the gradual recovery of certain sectors will be key in determining whether this adjustment reflects a structural shift or merely a temporary slowdown at the start of 2026.

Source: TTR Data (Transactional Track Record)