Summary:
M&A market in Portugal reached €9.5 billion in 2024, a 21% decline from 2023.
503 deals were completed from January to November 2024, with 34 recorded in November alone.
Real estate sector was the most active with 88 transactions.
Spain and France were the top investors in Portugal during this period.
PLMJ leads legal advisors with 32 transactions totaling €1.9 billion.
Overview of M&A Activity in Portugal
Between January and November 2024, the M&A market in Portugal registered 503 deals totaling €9.5 billion, according to the latest report from TTR Data. This marks a 21% decrease in transactions compared to the same period in 2023, alongside a 28% drop in capital raised.
Monthly Insights
In November 2024, the report highlighted 34 mergers and acquisitions, amounting to €250.7 million. The real estate sector led the activity with 88 transactions, followed closely by the Internet, software & IT services sector, which recorded 59 deals, reflecting a 25% decline from the previous year.
Cross-Border Investments
Spain and France emerged as the top investors in Portugal, with 65 and 35 transactions respectively. Conversely, Portuguese firms primarily invested in Spain and the United Kingdom, with 38 and 13 transactions respectively. Notably, foreign acquisitions in technology and internet sectors increased by 11% compared to 2023.
Private Equity and Venture Capital Trends
By the end of November 2024, 57 private equity deals were recorded, totaling €2.8 billion. The venture capital sector experienced 105 funding rounds, raising €715 million, which is a 36% increase in capital. The Asset Acquisitions segment saw 121 deals worth €3.0 billion, representing a 56% increase in total value.
Noteworthy Transactions
Among the standout transactions in November was the acquisition of miMed by CUF, previously owned by Sociedade Francisco Manuel dos Santos; however, the deal’s value remains confidential. Legal advisories for this transaction were provided by Cuatrecasas Portugal and Vieira de Almeida.
Rankings of Advisors
The TTR Data report included rankings for financial and legal advisors up to November 2024, reflecting their activity based on the number of transactions and total value. PLMJ leads among legal advisors with 32 transactions totaling €1.9 billion. For financial advisors, Banco Santander tops the list by the number of transactions, while J.P. Morgan Chase International Holdings leads in value with €900 million.
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