This report, in association with Gómez-Acebo & Pombo, assesses Iberian M&A in 2025 and explores where it might be heading in the year ahead.

Key findings include:

• M&A: Volume and value. There were 1,631 M&A transactions in Spain and Portugal during 2025, a modest 2% drop compared to 2024’s figure of 1,670. By value, however, dealmaking was up by 55%; last year’s M&A deals being worth €85.7bn overall, compared to €55.4bn in the previous year. Iberian M&A activity has shown greater resilience than the rest of the EU.
• TMT leads the way. Technology, media and telecommunications (TMT) was Iberia’s most active sector during 2025, in terms of both volume and value. There were 247 TMT transactions, down slightly on 2024’s figure of 264. However, last year’s deals were valued at €28.2bn, more than three times the 2024 total of €8.4bn.
• Big deals. The largest Iberian M&A transaction of the year was Orange’s purchase of the 50% of MasOrange that it did not already own. The deal between the French and Spanish telecoms companies was valued at €16.75bn including debt, with PE firms Cinven, KKR and Providence Equity Partners agreeing to sell.
• PE investors get active. Private equity (PE) funds were active participants in Iberian M&A during 2025. PE accounted for 381 deals worth €49.6bn last year, compared to 378 transactions valued at €26.3bn over the previous 12 months. That represented year-on-year growth of 1% and 89% respectively.