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M&A Portugal: PLMJ and Cuatrecasas lead the market in 2024

In 2024, the Portuguese transactional market witnessed 602 deals, with a total value of €12.6 billion, states the lastest report from TTR Data in partnership with A&O Shearman, as exclusively previewed by Iberian Lawyer. In the legal advisors’ ranking, Cuatrecasas Portugal led in the number of transactions throughout 2024, with 49 deals. In terms of value, PLMJ topped the ranking with a total of €2.7 billion. These figures represent a 16% decline in the total number of transactions made in the country, compared to the previous year, along with a 17% decrease in mobilized capital.

In the fourth quarter of 2024, 153 mergers and acquisitions were recorded, both announced and completed, totaling €3.2 billion. By sector, Real Estate was the most active in 2024, with 105 transactions, followed by the Internet, Software & IT Services sector with 70 operations, which saw an 18% decrease compared to 2023. Of all transactions, 41% disclosed their values, according to the report.

For financial advisors, Banco Santander led in the number of transactions in 2024, with five deals. In terms of value, J.P. Morgan ranked first, with a total of €900 million.

Top legal advisors

The report presents the 2024 advisory rankings in M&A, Private Equity, Venture Capital, and Capital Markets, where advisors’ activity is measured by total deal value and number of transactions. In the legal advisors’ ranking by transaction value, PLMJ tops the list, as mentioned, followed by Uría Menéndez (€2.47 billion) and Cuatrecasas (€2.2 billion). The top 10 advisors ranking continues with Morais Leitão (€2.1 billion), Vieira de Almeida VdA (€1 billion), Deloitte Legal Portugal (€918 million), Linklaters Portugal (€730 million), Garrigues Portugal (€656 million), CS’ Associados (€438 million), and DLA Piper (€374 million).

In terms of number of transactions, as mentioned, Cuatrecasas leads with 49 deals, followed by PLMJ with 44 and Morais Leitão with 35. The list goes on with Garrigues Portugal (30), CCA Law Firm (22), Abreu Advogados (21), SRS Legal (20), Uría Menéndez Portugal (17), VdA (17), and Antas da Cunha Ecija (15).

Dealmakers of the year

According to TTR Data, among M&A, private equity, venture capital and asset acquisitions deals, the main dealmakers of the year by total value of transactions are Catarina Tavares Loureiro, from Uría (total value €1.7 billion, with 4 deals), Tomás Vaz Pinto, from Morais Leitão (€1.5 billion, 5 deals), and Helena Tapp Barroso, also from Morais Leitão (€1.2 billion, with one transaction).

The list continues with Diogo Perestrelo (PLMJ, €1 billion), Miguel Stokes (Uría, €976 million) Mariana Norton dos Reis (Cuatrecasas, €905 million), Samantha Cyrne (Cuatrecasas, €900 million), Duarte Schmidt Lino (PLMJ, 702 million), Helena Vaz Pinto (VdA, 497 million), and Raquel Azevedo (PLMJ, 452 million).

By number of transactions, Domingos Cruz, from CCA Law Firm, tops the list, with 19 transactions valued €107.8 million. Luís Roquette Geraldes, from Morais Leitão, ranked second, with 17 deals totalling €390 million, followed by Paulo Bandeira, from SRS legal (15 deals, valued €164 million). Amílcar Silva (Antas da Cunha Ecija, 15 deals) ranks 4th, followed by Duarte Schmidt Lino (PLMJ, 10 deals), Francisco Santos Costa (Cuatrecasas, 9 deals), Vasco Bivar de Azevedo (Cuatrecasas, 9 deals), Mariana Norton dos Reis (Cuatrecasas, 8 deals), Gustavo Ordonhas Oliveira (SRS Legal, 7 deals), and João Mattamouros Resende (Cuatrecasas, 7 deals).

Rising star dealmakers

At the associate level, the top three dealmakers recognized as “rising stars” by total transaction value are all from Morais Leitão: Carolina Ramos Dias (€1.3 billion), followed by Carolina Barrueca (€1.2 billion) and Miguel Reis de Carvalho (€1.2 billion). In terms of the number of deals, the list is led by Joana Bugia (CCA Law Firm, 16 transactions), Alexander Ehlert (PLMJ, 12 transactions), and Solange Fernandes (SRS Legal, 11 transactions).

Cross-border deals

In the cross-border scope, regarding the number of transactions, Spain and France were the countries that invested the most in Portugal during the period, with 70 and 38 transactions, respectively. Portuguese companies chose Spain and the United Kingdom as their main investment destinations, with 45 and 14 transactions, respectively.U.S. companies reduced their acquisitions in the Portuguese market by 25% in 2024. However, foreign acquisitions in the Technology and Internet sector increased by 27% compared to the same period in 2023.

Private equity, venture capital, and asset acquisitions

In 2024, 70 Private Equity transactions were recorded, totaling €3.5 billion, representing a 56% increase in value compared to the same period in 2023. In Venture Capital, 122 investment rounds were completed, with a total of €886 million, marking a 55% growth in capital invested. In the Asset Acquisitions segment, 135 transactions were recorded, with a value of €3.0 billion, representing a 47% increase in mobilized capital.

Deal of the year

The transaction highlighted by TTR Data in 2024 is the acquisition of a majority stake in FairJourney Biologics by Partners Group. The transaction value is approximately €900 million. The deal involved legal advisory under Portuguese law from Cuatrecasas Portugal and Deloitte Legal Portugal. Financial advisory was provided by J.P. Morgan, and PwC Portugal conducted the due diligence.



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