The Spanish transactional market recorded a total of 1,804 deals up to July, with an aggregate value of EUR 61.137 billion, according to the monthly report from TTR Data.
These figures represent a 17% decrease in the number of transactions, as well as a decrease of approximately 4% in the capital mobilized, compared to the same period in 2025.
As for July, a total of 242 mergers and acquisitions were recorded in the month, both announced and completed, for an aggregate amount of EUR 8,752.
In sectoral terms, the Real Estate sector has been the most active of the year, with a total of 410 transactions, followed by the Internet, Software and IT Services sector, with 168.
Cross-Border Scope
As regards the cross-border market, until July 2026, Spanish companies have chosen the United States and the United Kingdom as their main investment destinations, with 38 and 30 transactions, respectively.
On the other hand, France and the United States, with 103 and 101 transactions respectively, are the countries that have made the most investments in Spain. The United States stands out in terms of investment amount, with €7.205 billion.
Private Equity, Venture Capital y Asset Acquisitions
Up to July, a total of 231 private equity transactions were recorded for EUR 17,263 million, representing a decrease of approximately 11% in the number of transactions and a decrease of approximately 2% in their value, compared to the same period of the previous year.
Meanwhile, in the venture capital market, 335 transactions were carried out with an aggregate amount of EUR 5,199m, which implies a decrease of approximately 17% in the number of transactions and an increase of approximately 61% in their amount, year-on-year.
In the asset acquisitions segment, 536 transactions were recorded for an amount of EUR 9,729m, representing a decrease of approximately 10% in the number of transactions, and an increase of 41% in their amount, year-on-year.
Transaction of the month
In July 2026, TTR Data selected as a featured transaction the acquisition of a portfolio of wind assets located in Spain from Acciona Energía by Galp New Energies, a Spanish company controlled by the Portuguese Galp Energia.
The transaction, valued at approximately EUR 432m, was advised on the financial side by BNP Paribas.
On the legal side, the transaction was advised by Clifford Chance and Baker McKenzie Spain. On the due diligence side, the transaction was advised by PwC Spain and PwC Tax & Legal Spain.
Ranking of financial and legal advisors
The report publishes the 2026 rankings of financial and legal advice in M&A, Private Equity, Venture Capital and Capital Markets, reporting on the activity of leading firms by number of transactions and by amount.
The TTR Data ranking of legal advisors, by number of transactions, is led by Cuatrecasas Spain, with 104 deals, followed by Garrigues Spain, with 72 transactions. In terms of value, Uría Menéndez Spain leads the year with EUR 19.306 billion.
As for the ranking of financial advisors, Norgestión leads in terms of the number of transactions, with 12 deals, and Goldman Sachs leads in terms of value, with EUR 17,639m.
