Capital raised in Spanish M&A market rises 27% in third quarter 2024

The Spanish transactional market registered a total of 2,319 mergers and acquisitions, between announced and closed, for an aggregate amount of EUR 74,677m up to the third quarter of 2024, according to TTR Data‘s quarterly report. These figures represent a decrease of 0.04% in the number of transactions and an increase of approximately 27% in their amount, compared to the same period in 2023.

In terms of sectors, real estate is the year’s top performer, with a total of 449 transactions, although it recorded a 4% decrease compared to the same period in 2023; followed by the internet, software and IT services sector, with 223 transactions and a year-on-year decrease of 13%; and the tourism, hospitality and leisure sector, which recorded 166 transactions and an increase of 80%.

In terms of the ranking of legal advisors, Garrigues Spain leads in terms of amount, with EUR 27,932m, while Cuatrecasas Spain ranks first in terms of number of transactions, with 134 deals advised.

Cross-Border

As regards the cross-border market, up to the third quarter of the year, Spanish companies have chosen Portugal and the United States as their main investment destinations, with 49 and 42 transactions in each country, respectively. In terms of amount, the United States is the country in which Spain has made the largest disbursement, with an aggregate amount of EUR 4,576m.

On the other hand, the United States (147), France (130) and the United Kingdom (112) are the countries that made the greatest number of investments in Spain during the year. By amount, the United States stands out, with an aggregate amount of EUR 10,738m.

Private Equity and Venture Capital

In the first nine months of 2024, a total of 302 private equity transactions were recorded, of which 69 had an aggregate non-confidential amount of EUR 23,384m. This represents a 1% increase in the number of transactions and a 61% increase in their amount, compared to the same period last year.

In the venture capital market, 434 transactions were carried out, of which 326 had an aggregate non-confidential amount of EUR 2,128m. In this case, there was a 13% decrease in the number of transactions and a 9% decrease in the amount of capital raised compared to the same period in 2023.

Asset Acquisitions

In the asset acquisition market, 636 transactions with a total amount of EUR 11,100m were closed up to the third quarter of the year, implying a 0.9% decrease in the number of transactions and a 70% increase in their amount, compared to the same period of 2023.

Transaction of the Quarter

For the third quarter of 2024, TTR Data has selected the acquisition of 80% of Applus+ Idiada from the Generalitat de Catalunya by Applus+ as the transaction of the quarter.

The transaction, valued at EUR 428m, was advised by Garrigues España. On the financial side, the deal was advised by PwC Spain. Finally, on the Due Diligence side, the transaction has been advised by PwC Spain.

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