PORTUGAL Law and Practice Contributed by: Bernardo Abreu Mota, David Oliveira Festas and Francisco Albuquerque Reis, CS’Associados
CS’Associados Avenida da Liberdade, 249 - 8º 1250 143 Lisboa Portugal Tel: +351 211 926 800 Fax: +351 211 926 899 Email: geral@csassociados.pt Web: www.csassociados.pt
1. Trends 1.1 M&A Market
larly in the energy and technology sectors. In addition, the growing involvement of Portuguese companies in the venture capital space has energised the market, creating more opportunities for start-ups and early- stage companies to secure funding. A notable trend has been the rise in transactions involving non-core business divestitures and carve- outs, alongside the increasing adoption of W&I insur - ance, in line with international market trends. Looking ahead to 2026, technology, healthcare, ener - gy, infrastructure and financial services are expected to be key sectors for M&A activity, reaffirming trends already observed in 2025. 1.3 Key Industries The key industries for M&A activity in Portugal throughout 2025 were financial services, infrastruc - ture, technology, healthcare and energy, with substan - tial deal flow expected to continue in these sectors, and beyond, in 2026. 2. Overview of Regulatory Field 2.1 Acquiring a Company The acquisition of a company in Portugal may be achieved through different mechanisms. Non-Listed Companies The most common way to acquire a non-listed com - pany is to enter into a share sale and purchase agree - ment with the existing shareholders, in order to acquire the entirety of the share capital or a controlling stake.
In 2025, Portugal’s M&A market showed resilient momentum, driven by strong private equity and ven - ture capital activity and cross-border investment. In the private equity and venture capital sectors, gov - ernment incentive programmes played a role in ener - gising the market and boosting deal activity, particu - larly the Banco de Fomento investment lines and the tax incentives for investment in R&D (SIFIDE). From a foreign investment perspective, there was a land - mark transaction in the banking sector (still ongoing) with a foreign purchaser, as well as other significant acquisitions by foreign investors in sectors such as infrastructure, food industry, media, healthcare and construction materials. The Portuguese M&A market is expected to remain active and resilient throughout 2026. The need for both international and domestic private equity funds to deploy significant liquidity, alongside the continuing impact of EU-backed initiatives such as the Recov - ery and Resilience Plans and the Portugal 2030 Plan, is expected to stimulate public investment and M&A activity. 1.2 Key Trends Private equity firms remained key players in both inter - national and domestic M&A throughout 2025 and are expected to continue driving the majority of transac - tions in 2026. While many large-cap deals are led by international investors, strong Portuguese companies and groups are making significant and bold investments, particu -
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