The Spanish transactional market registered a total of 204 deals with an aggregate amount of EUR 2,366 million in January. The real estate sector has been the most active of the year, with a total of 37 transactions, followed by the Internet, Software and IT Services sector, with 33, according to TTR Data‘s monthly report.

The ranking of legal advisors, by number of transactions in M&A, private equity, venture capital and asset acquisitions, is led by Baker McKenzie España, with 5 deals in 2024, followed by Zurbarán Abogados, with 4 transactions. By amount, Linklaters Spain and Cuatrecasas Spain lead with EUR 375m each.

These figures represent a 3% increase in the number of transactions, as well as a 36% decrease in the capital mobilized, compared to the same period in 2023.

Cross-Border

With regard to the Cross-Border market, in January 2024 Spanish companies chose Italy and Portugal as their main investment destinations, with 10 and 7 transactions, respectively.

On the other hand, the United States and the United Kingdom, with 13 and 12 transactions, respectively, are the countries with the highest number of investments in Spain. By amount, the United States stands out, with EUR 841m.

Private Equity, Venture Capital and Asset Acquisitions

In January, a total of 28 private equity transactions for EUR 1,121m were recorded, representing an increase of approximately 56% in the number of transactions, and a 206% increase in the amount of transactions, compared to the same period last year.

In the Venture Capital market, 57 transactions were carried out for an aggregate amount of EUR 187m, representing an increase of 29% in the number of transactions and a decrease of 39% in the amount of transactions, year-on-year.

In the Asset Acquisitions segment, 55 transactions for an aggregate amount of EUR 707m were recorded, representing a 10% decrease in the number of transactions, and an 8% increase in the amount of transactions, year-on-year.

Transaction of the month

In January 2024, TTR Data selected Generali’s acquisition of Liberty Seguros España from Liberty Mutual as the transaction of the month.

The transaction, valued at EUR 2,300m, was advised on the financial side by Arcano Partners; BofA Securities Europe; Citigroup; Credit Suisse Group; Deloitte Spain and PwC Spain.

On the legal side, the transaction has been advised by Clifford Chance; Matheson; Morais Leitão, Galvão Teles, Soares da Silva & Associados; Pérez-Llorca and Skadden, Arps, Slate, Meagher & Flom. On the Due Diligence side, the deal has been advised by PwC Spain and, on the Public Relations side, the transaction has been advised by LLYC.

Source: Iberian Lawyer - Spain