Gómez-Acebo & Pombo launches, together with Mergermarket, the report “Spain in the spotlight: Spanish M&A and PE activity in HY 2025”

Gómez-Acebo & Pombo has partnered with Mergermarket to produce the report “Spain in the spotlight: Spanish M&A and PE activity in HY 2025”, a study that tracks developments in the Spanish M&A market during the first half of 2025.

The report reviews deal activity against an international backdrop of geopolitical and economic uncertainty, with a particular focus on private investment and the role of private equity funds.

Among its key findings, it identifies the sectors set to shape the market in the coming months—such as TMT, consumer and energy—and highlights drivers including available liquidity and the growing emphasis on the energy transition, illustrated by transactions such as Naturgy’s share buy-back and Multiply Group’s acquisition of a 68% stake in Castellano Investments, owner of Tendam.

This edition features contributions from our partners Álvaro Mateo, Pablo Fernández Cortijo and David González, who share their expert views on current dynamics and market opportunities:

• “We’ve seen some transactions driven by distress, particularly in sectors suffering with inflationary costs or trends such as the shift to online platforms.” — Álvaro Mateo
• “Perceptions of continuation funds in Europe have changed.” — Pablo Fernández Cortijo
• “The first quarter was pretty resilient, but April and May were extremely slow: it’s difficult to remember two such quiet months in years gone by.” — David González

This partnership strengthens the firm’s commitment as a leading adviser on strategic and private equity transactions. 

See report