According to the Annual Report by TTR Data, the market for mergers and acquisitions in Spain closed 2025 with a clear structural shift: fewer transactions, but significantly higher aggregate value. In a context of tighter valuations, increased regulatory scrutiny and more complex deal structures, Spain demonstrated resilience and continued to attract both domestic and international investors.
Fewer Deals, Higher Value
In 2025, Spain recorded 3,336 transactions (including M&A, Private Equity, Venture Capital and Asset Acquisitions), representing an 8% decrease compared to the previous year. However, total aggregate value reached EUR 103.085 billion, marking a 19.4% year-on-year increase.
This contrast confirms a market trend toward selectivity: lower deal volume, but larger and more strategically significant transactions. Notably, the fourth quarter showed a strong rebound in value, reaching EUR 27.448 billion despite a decline in the number of transactions.
Leading Sectors: Real Estate and Technology at the Forefront
By number of M&A transactions, Real Estate led the market in 2025 with 705 deals, followed by Internet, Software & IT Services (299 deals) and Business & Professional Support Services (204 deals).
Real Estate also played a dominant role in inbound cross-border activity, with strong participation from UK, French and US investors.
In Venture Capital, Internet, Software & IT Services (146 deals) continued to dominate, followed by industry-specific software and biotechnology, reinforcing Spain’s position as an emerging technology hub within Europe.
Private Equity: Fewer Transactions, Larger Ticket Sizes
The Private Equity segment registered 430 transactions (-8.5%), with a total aggregate value of EUR 33.676 billion (+16.5%). The fourth quarter stood out in particular, reaching EUR 11.868 billion—more than double the value recorded in the same period of the previous year.
Cross-border capital played a decisive role: of the 430 transactions, 289 were cross-border, accounting for the majority of invested value. This underscores Spain’s deep integration into global capital flows and its attractiveness to international funds.
The most active subsectors for Private Equity in 2025 included:
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Internet, Software & IT Services
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Travel, Hospitality & Leisure
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Business & Professional Support Services
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Specialized Medicine
International Dynamics: Strong Inbound, Active Outbound
Spain maintained a robust international profile throughout 2025.
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Inbound acquisitions: 988 transactions totaling EUR 36.564 billion
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Outbound acquisitions: 513 transactions totaling EUR 24.569 billion
The United Kingdom, France and the United States ranked among the leading foreign investors in Spain. At the same time, Spanish companies continued expanding abroad, particularly into Portugal, the United States, Italy, the United Kingdom and Latin America.
This balanced inbound-outbound dynamic reinforces Spain’s role as both a destination for international capital and a platform for global expansion.
Increased Structural Complexity
The report highlights a defining feature of the current cycle: transactions now require greater effort to mature, negotiate and close. Valuation pressure, a more complex regulatory environment and tax considerations are driving buyers and sellers toward more creative and sophisticated deal structures.
Despite these complexities, market activity remained solid, particularly in large-scale transactions, supported by strong international investor interest.
The trend points toward a more structured, more international, and more sophisticated market, where proper corporate, tax, and regulatory planning will be crucial to turning opportunities into successful transactions.
Read the report here