The Spanish M&A market activity strengthened with the close of the second four-month period of 2025, reflecting greater dynamism in the number of completed transactions compared both to the first four months of the year and to the same period in the previous year.
In line with forecasts made at the beginning of the year, the national M&A market has managed to maintain the upward trend initiated in mid-2024, reaching historically high levels of activity throughout the year to date. Thus, the number of deals closed during the second four-month period of 2025 shows an increase of 22.7% (+217 completed transactions) compared to the first four months of the year (62.3% compared to the same period in the previous year), with a total of 1,175 transactions completed.
Meanwhile, the average investment volume for deals with disclosed values (312 transactions, 26.6% of completed transactions) also reached historically high levels, with this second four-month period posting a 15.1% increase compared to the first four months of the year, reaching €117.2M.
Notably, the period included a number of “megadeals,” consistent with what was observed during the same period in 2024 (10 deals valued above €1 billion). Among them: the acquisition of Dorna Sports by Liberty Media (€4.2B) and Nido’s acquisition of a portfolio of residential homes from Brookfield (€1.2B).
By sector, and following the trend of recent years, Business Services and Real Estate activities were the most dynamic in the second four-month period of 2025, together accounting for 32.0% of closed transactions (21.2% and 10.8%, respectively).
From a pricing standpoint, Upper Middle Market deals completed in the EU between May and August 2025 showed a recovery in the average deal multiple, continuing the upward trend that began in 2023 (despite occasional contractions). The average multiple for this four-month period stood at 9.17x EBITDA (0.61 points higher than the previous period’s average).
Two sectors stood out for posting multiples above double digits (over 10x EBITDA): Biotechnology & Life Sciences and Healthcare & Social Services.
Looking ahead to the final months of the year, the national M&A market is expected to remain dynamic, which would result in a record number of completed transactions for the full year 2025.
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(*) Multiple of Upper Middle Market deals in the EU
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