According to LSEG (London Stock Exchange Group), Baker Tilly ranked sixth in the number of M&A deals in Spain in 2025, completing a total of 22 transactions. This performance reinforces the firm’s position in a market that, looking ahead to 2026, is once again focusing on the middle market as a key growth driver.
With these 22 deals, Baker Tilly outperformed Santander Corporate & Investment Banking (21), Rothschild (20), BDO (20), JP Morgan (18), and Norgestion (18). Ahead of them were PwC (76), EY (76), Deloitte (65), Alantra (29), and KPMG (27).
The Spanish transactional market recorded 1,885 deals with a combined value of €74.648 billion, according to LSEG. Compared to 2024, the number of deals decreased by 6%, while the total value rose by 42%.
For 2026, middle-market M&A is expected to remain a key lever for business growth and transformation, as well as an ideal solution for family businesses and SMEs facing succession or expansion challenges.
The European middle-market M&A sector is anticipated to maintain steady growth in 2026. This positive outlook is driven by factors such as the convergence of buyer and seller expectations, more flexible financing conditions, and, above all, the need for private equity (PE) firms to deploy newly raised funds. Additionally, with recent trade agreements with the U.S., Europe has become a relatively stable region, with SMEs seen as a safe haven for international investors.
Another factor to watch is the renewed effort by Chinese companies to capitalize on opportunities in Europe, supported by regulatory easing from the Chinese central government. Both state-owned and private Chinese companies continue their globalization drive, with European industry firmly in their sights. In the first half of 2025, transaction values in this segment grew by 6.3%, and the trend is expected to continue in 2026, according to S&P Global.
In this context, the middle market consolidates as one of the most dynamic segments for investors and companies looking to grow, transform, or manage succession processes.
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