The Portuguese legal deals market experienced a first half of 2025 marked by a decline in the number of transactions, although some high-value deals and legal advisory work stood out. According to the quarterly report by TTR Data, Portugal recorded 244 transactions in the first half of the year, representing a 23.99% drop compared to the same period in 2024. The total value of these deals reached €4.041 billion — a sharp decrease of 38.09% year-on-year.

Among the four areas covered in the report, M&A led with 99 transactions (€954 million), followed by Asset Acquisition with 61 deals (€1.89 billion), Venture Capital with 52 transactions (€329 million), and Private Equity with 32 transactions (€868 million).

Despite the decline in volume, the period saw a few standout high-value deals. The most valuable deal highlighted by TTR Data was the acquisition of Somincor — the Portuguese subsidiary of Lundin Mining, operating in the mining sector — by Boliden, for an estimated €1.227 billion. Advisers involved in the transaction included EY Portugal (financial adviser) and Uría Menéndez (legal adviser) for the buyer, while Morais Leitão acted as legal adviser to Lundin Mining.

In the private equity segment, there were 32 deals involving Portugal, with a total value of €868 million. This reflects a significant 36% drop, signaling greater caution among institutional investors in the current macroeconomic climate. As for venture capital, Portugal closed the semester with 52 transactions totaling €329 million — a 46.3% year-on-year decrease. Asset acquisitions also saw strong activity, with 71 transactions totaling €1.89 billion (-22.7%), driven mainly by cross-border operations.

Regarding sectors with the highest deal counts, real estate remained the most active in the semester (44 deals), followed by technology (Internet, Software & IT Services, 29), tourism and leisure (25), and renewable energy (13). These figures suggest relative stability in the sectors traditionally most dynamic in the Iberian market.

Top 10 law firms in deals

As for the leading legal advisers in the Portuguese market, the TTR ranking places Vieira de Almeida, PLEN Advogados, and Morais Leitão at the top, based on total deal value advised:

• Vieira de Almeida: €490 million
• PLEN Advogados: €490 million
• Morais Leitão: €257.97 million

Source: Iberian Lawyer - España