Spanish M&A market reaches €73,803 million to September 2026

Spain’s transactional market closed the first nine months of 2026 down on both deal count and capital deployed. According to TTR Data’s quarterly report, 2,261 announced and completed mergers and acquisitions were recorded up to the end of September, with an aggregate value of €73,803 million. This represents a 15% fall in the number of transactions and a 6% decrease in value compared with the same period in 2025.

In the third quarter alone, the Spanish M&A market recorded 616 deals worth a combined €20,650 million.

Breakdown by deal type

• Mergers and acquisitions accounted for the largest share of the market, with 770 transactions worth a total of €30,236 million, reaffirming their leading role in the transactional market.
• Private equity accounted for 244 transactions, with total capital deployed of €17,263 million.
• Venture capital recorded 348 transactions, worth €5,338 million.
• Asset acquisitions totalled 584 completed transactions, worth €10,963 million.

Most active sectors

By sector, real estate remains the most active of the year, with 510 transactions, despite a 13% decline on the same period in 2025.

Internet, Software and IT Services came second, with 203 transactions, down 13% year on year.

Business and Professional Support Services recorded 168 transactions, up 4% on the same period last year.

Cross-border deals: the United States leads in both directions

On the outbound side, Spanish companies’ main investment destinations were the United States, the United Kingdom and Italy, with 39, 34 and 32 transactions respectively. By value, the United States was where Spain invested the most, at €12,644 million.

Inbound, the United States (110), France (105) and the United Kingdom (87) were the most active investors in Spain so far this year. The US also led by value, with €7,717 million, and acquisitions of Spanish companies by US businesses rose 2% up to September.

By contrast, activity by foreign private equity and venture capital funds investing in Spanish companies fell 14% over the same period.

Outlook for year-end

Looking ahead to the end of 2026 and early 2027, the outlook reported by TTR Data suggests that Spain continues to attract international capital, supported by its comparatively strong economic growth, a robust tourism sector and the depth of its real estate market. However, macroeconomic developments, the geopolitical backdrop, monetary policy, legal certainty and the cost of financing will remain key drivers of deal activity in the coming months.

Source: TTR Data (Transactional Track Record)