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In 2014, the Spanish transactional market was particularly active. The numbers show a recovery. In the last twelve months a total of 1,233 deals were registered, both announced and closed, generating an investment volume of approximately EUR 106.63bn. Compared with 2013, the market shows a 28.17% increase in the number of deal recorded and a 106.78% increase in the investment volume.

The last quarter of 2014 was the most dynamic. A total of 352 deals were registered, both announced and closed, generating an investment volume of approximately EUR 50bn. This represents a 6.7% increase and a 51% increase in the investment volume, compared with the previous quarter. Furthermore, the number of deals increased by 35.38% and the investment volume by 288.58%, compared with the same period last year.

The most active sectors this quarter were the technology sector with 47 deals registered, Internet (with 41) and real estate (41).

In the cross-border sector there are two different aspects: foreign investments in Spain and Spanish investments abroad. On one hand, the most acquisitive companies in the Spanish market were those based in the United States (19 deals), United Kingdom (16), and France (14). In addition, the largest deals were carried out by British, Kuwaiti and US-based acquirers. On the other hand, Spanish companies focused their investments in the US and in Portugal. However, highlights also include Endesa’s restructuring process in Chile, and Repsol’s acquisition of Canada-based Talisman Energy.

In the fourth quarter of 2014, the private equity firms were especially active in the Spanish transactional market. It was the most active quarter of the year, with 50 deals registered. The investment volume generated was approximately EUR 4.46bn, the second largest in 2014. A total of 171 deals were registered this year, compared with 132 in 2013, and the investment volume generated in 2014 was approximately EUR 21.62bn compared with EUR 9.36bn last year.

On the other hand, the venture capital segment was less active this quarter, with 59 deals registered and investment volume of EUR 218.50m. However, these numbers are significantly superior to the same period last year (43 deals and EUR 133m), but represent a decrease compared with the third quarter of 2014 (84 deals and EUR 296.70m).

In the capital markets there were eight capital increases registered, generating an investment volume of EUR 3.75bn. Highlights include an Initial Public Offering carried out by Endesa. In addition, Euroconsult and Home Meal Replacement (Nostrum) also carried out IPOs on the Alternative Market – MAB.

PORTUGAL

In 2014, the Portuguese M&A market was especially dynamic, with 188 transactions registered, both announced and closed, which represents an increase compared with 2013 and with 2012 (135 and 114 deals res