Spanish M&A market reaches €50.474 billion in the first half of 2026 despite fall in deal volume

The Spanish transactional market recorded a total of 1,485 mergers and acquisitions transactions during the first half of 2026, combining announced and completed deals, for an aggregate value of €50.474 billion, according to a report by TTR Data. These figures reflect a 15% decrease in the number of transactions and a 0.29% drop in the amount mobilised compared to the same period in 2025.

Although transactional activity shows a contraction in terms of volume, the aggregate amount has remained practically stable, evidencing the presence of larger-scale operations in the Spanish market during the first half of the year.

Breakdown of transactions

• Mergers and Acquisitions (M&A) accounted for the largest share of economic volume in the Spanish transactional market, with a total of 581 transactions for an aggregate value of €31.547 billion.
• The Asset Acquisitions segment recorded 451 transactions, ranking as the second-largest category by number of deals. The aggregate value associated with this type of transaction reached €6.727 billion.
• In Venture Capital, 279 deals were recorded, with an aggregate value of €3.452 billion.
• Finally, Private Equity recorded 177 transactions, with a combined value of €8.749 billion.

Most active sectors in the market

In sectoral terms, Real Estate was the most active sector in the Spanish transactional market during the first half of 2026, with a total of 343 transactions. However, this sector recorded a 5% decrease compared to the same period in 2025.

It is followed by the Internet, Software and IT Services sector, which recorded 144 transactions, also down 5% year-on-year.

Meanwhile, the Business and Professional Support sector recorded 121 transactions, representing a 15% increase compared to the first half of 2025.

Cross-border transactions

In terms of cross-border deals, the report highlights the intense international activity of the Spanish M&A market. The United States remains the leading destination for Spanish outbound investment, while France leads acquisitions of Spanish companies by foreign investors, confirming the appeal of the Spanish market to major international players.

Outlook for the rest of the year

Despite the decrease recorded in the number of transactions, the Spanish M&A market continues to show solid fundamentals, particularly in higher-value deals and in sectors with strong investment appeal. The evolution of the macroeconomic environment, the availability of financing and the appetite of international investors will be key factors in determining market performance during the second half of the year.

Against this backdrop, the first half of 2026 reflects a more selective, yet still active, market, in which deal volume is declining while capital mobilised remains at significant levels.

Fuente: TTR Data (Transactional Track Record)