The Spanish transactional market has registered a total of 2,579 deals up to November, according to TTR Data’s monthly report. In terms of number of transactions, Garrigues España leads in the course of 2023, with 169 deals, while in terms of amount, it is headed by Pérez-Llorca, with EUR 14.750m.

201 mergers and acquisitions in November

The Spanish transactional market has registered up to November a total of 2,579 deals with an aggregate amount of EUR 79,303 million. In terms of sectors, Real Estate was the most active sector of the year, with a total of 569 transactions, followed by the Internet, Software & IT Services sector, with 328.

These figures represent a decrease of 11.53% in the number of transactions, as well as a decrease of 9.32% in the capital mobilized, compared to the same period in 2022.

In November, 201 mergers and acquisitions, both announced and closed, were registered for an aggregate amount of EUR 9,356m.

Cross-Border

In the Cross-Border market, Spanish companies have chosen Portugal and the United States as their main investment destinations up to November 2023, with 70 and 55 transactions, respectively.

On the other hand, the United States and the United Kingdom, with 196 and 131 transactions, respectively, are the countries with the highest number of investments in Spain. By amount, the United Kingdom stands out, with EUR 11,580m.

Private Equity, Venture Capital and Asset Acquisitions

A total of 328 Private Equity transactions for EUR 21,474m have been recorded up to November, representing a decrease of approximately 13% in the number of transactions, and in the amount of the same, compared to the same period of the previous year.

In the Venture Capital market, 538 transactions were carried out for an aggregate amount of EUR 2,967m, representing a 19% decrease in the number of transactions and a 45% decrease in the amount of transactions in year-on-year terms.

In the Asset Acquisitions segment, 740 transactions were recorded for an aggregate amount of EUR 7,744m, representing a 7% decrease in the number of transactions, and a 54% decrease in the amount of transactions, on a year-on-year basis.

Transaction of the month

In November 2023, TTR Data has selected Stonepeak’s acquisition of 49% of Cellnex Sweden and Cellnex Denmark as the transaction of the month.

The transaction, valued at EUR 730m, was advised on the financial side by AZ Capital; Guggenheim Securities; PwC Spain and Nomura International. On the legal side, the transaction has been advised by Baker McKenzie Spain; Herbert Smith Freehills Spain and PwC Tax & Legal Spain. On the Due Diligence side, the deal has been advised by PwC Spain.

Ranking of financial and legal advisors

The report publishes the 2023 financial and legal advisor rankings for M&A, Private Equity, Venture Capital and Capital Markets, reporting the activity of the leading firms by number of transactions and transaction amounts.

The TTR Data ranking of financial advisors is led by Banco Santander, both by number of transactions and amount, with 18 transactions and EUR 10,299m.

In terms of the ranking of legal advisors, Garrigues España leads in terms of number of transactions in 2023, with 169 deals, while in terms of value, it is headed by
Pérez-Llorca, with EUR 14,750m.

Source: Iberian Lawyer - Spain