SPAIN Trends and Developments Contributed by: Ignacio Sanjurjo, Ignacio Echenagusia, Natalia Tévar and Javier Valdés, Deloitte Abogados y Asesores Tributarios, S.L.U.
This article includes a summary of the market, trends and legal aspects of M&A activity in Spain through - out 2025, along with an overview for 2026. It intends to provide readers with a clear understanding of the impact of the prevailing macroeconomic conditions on the M&A landscape, while also highlighting key trends in this practice. Performance of the M&A Market in Spain During 2025 Although 2025 ended on a positive note, with several large transactions being completed, M&A activity in Spain started the year more slowly than expected. Deal making was initially constrained by a challeng - ing macroeconomic environment, ongoing geopoliti - cal uncertainty, inflationary pressures and a cautious financing backdrop, all of which contributed to longer execution timelines and increased selectivity among investors. According to TTR Data’s 2025 annual M&A report, a total of 3,336 transactions were completed, represent - ing an 8.02% decrease compared to 2024. Despite the lower deal volume, aggregate transaction value rose significantly to approximately EUR103 billion, an increase of 19.40% compared to 2024. This con - trast reflects a market increasingly driven by a smaller number of large, strategically significant transactions rather than broad-based activity. As in previous years, the Spanish M&A market remained largely dominated by small and mid-sized deals. Nevertheless, several landmark transactions stood out for their size and strategic importance, including Liberty Media’s acquisition of Dorna for EUR4.2 billion, Orange’s acquisition of a major - ity stake in Masorange for EUR4.25 billion, and the acquisition of Universidad Alfonso X El Sabio by Cin - ven and a group of private investors for approximately EUR2 billion. From a sectoral perspective, activity was primar - ily concentrated in infrastructure, financial services and telecommunications – sectors that continued to attract strong interest due to consolidation opportuni - ties and the potential to generate operational syner - gies. In parallel, certain non-core areas – particularly education and sports – also recorded notable one-off
transactions, driven by the attractiveness of specific assets rather than sustained market momentum. In the specific case of the pharmaceutical sector, 2025 marked a significant reactivation of M&A activity. Although transactions carried out within the sector have shown a more selective trend (it is estimated that 26 transactions related to the pharmaceutical sector were closed in Spain in 2025), they have had a greater economic impact compared to previous years. Overall, 2025 reflected a selective but resilient Spanish M&A market, characterised by lower volumes, higher deal values, and a clear focus on strategic assets and long-term value creation. M&A Landscape in Spain for 2026 The outlook for Spanish M&A activity in 2026 is broad - ly positive, with a rebound expected in deal opportuni - ties. Nevertheless, 2026 will be significantly shaped by external factors that will be decisive in the evolution of transactions throughout the year. Although some international institutions such as the International Monetary Fund (IMF), the Organisation for Economic Co-operation and Development (OECD) and the European Central Bank (ECB) forecast euro- area GDP growth slightly below 2025 levels, the ECB’s deposit rate has stabilised at around 2%. This contrib - utes to greater certainty regarding financing costs and supports a medium-to-long-term scenario of stability. Such a favourable environment is expected to play a key role in the reactivation of strategic M&A transac - tions, enabling investors to plan their projects with increased financial visibility and confidence. Throughout 2025, a significant portion of M&A activity focused on the energy, infrastructure and telecom - munications sectors. This trend is expected to con - tinue into 2026, with further consolidation anticipated in these industries, which remain highly attractive to international investors. At the same time, 2026 is expected to see a notable resurgence in M&A transactions in distressed and spe - cial situations contexts. Recent practice shows that accelerated sale processes and restructuring transac - tions are increasingly driven by private credit, which has become one of the main catalysts in this segment.
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