This report, in association with Gómez-Acebo & Pombo, assesses Spanish M&A over the first half of 2025 and explores where it might be heading for the rest of the year and beyond.

Key findings include:

• Economic powerhouse. The Spanish economy grew by 3.2% in 2024, well ahead of the 0.9% achieved by the Eurozone as a whole. And for 2025, the International Monetary Fund (IMF) has recently increased its growth forecast for Spain to 2.5%. This  points to the country’s ability to deal with global disruptions.
• M&A: Volume and value. There have been 494 M&A transactions in Spain so far in 2025 – a 30% decrease compared to 2024 HY, which saw 709 transactions. With a total of €22.7bn in the first six months of 2025, value was down 40% on the same period in 2024 (€37.6bn). However, this should be set in the context of the current M&A environment. Dealmaking value and volume is down across the entire Eurozone. Meanwhile, in terms of national comparisons, M&A activity was affected by a turbulent second quarter. Indeed, value in Q1 2025 was up by 80% on the same period in 2024.
• Big deals. The highest value transaction this year has been Naturgy Energy Group’s €2.3bn buyback of its own shares. In the second biggest transaction, Co Sociedad de Gestion y Participacion, the Spanish investment holding company, agreed to pay €2.2bn for 38% of general insurer Grupo Catalana Occidente. The largest cross-border deal of the year saw Multiply Group of the United Arab Emirates acquire a 68% stake in Castellano Investments, the owner of Tendam Retail, for €1.6bn.
• Sector watch. So far, the technology, media and telecommunications (TMT) sector has been the most dominant industry in Spanish M&A in 2025 by volume, recording 79 deals. In terms of value, consumer was the top sector with €3.9bn in total in 2025. The energy, mining and utilities sector followed closely, recording €3.8bn.