1、Spain in the spotlightSpanish M&A and PE activity in HY 2025ContentsKey findings 3Foreword 4The Spanish M&A market in focus 5Sector watch Sector overview 10 Technology,media&telecoms 12 Energy,mining&utilities 13 Consumer 14 Financial services 15 Defence 16Private equity 17M&A outlook 22This publica

2、tion contains general information and is not intended to be comprehensive nor to provide financial,investment,legal,tax or other professional advice or services.This publication is not a substitute for such professional advice or services,and it should not be acted on or relied upon or used as a bas

3、is for any investment or other decision or action that may affect you or your business.Before taking any such decision,you should consult a suitably qualified professional adviser.While reasonable effort has been made to ensure the accuracy of the information contained in this publication,this canno

4、t be guaranteed and none of Mergermarket,Gmez-Acebo&Pombo nor any of their subsidiaries or any affiliates thereof or other related entity shall have any liability to any person or entity which relies on the information contained in this publication,including incidental or consequential damages arisi

5、ng from errors or omissions.Any such reliance is solely at the users risk.2Sector watchSo far,the technology,media and telecommunications(TMT)sector has been the most dominant industry in Spanish M&A in 2025 by volume,recording 79 deals.In terms of value,consumer was the top sector with 3.9bn in tot

6、al in 2025.The energy,mining and utilities sector followed closely,recording 3.8bn.Big dealsThe highest value transaction this year has been Naturgy Energy Groups 2.3bn buyback of its own shares.In the second biggest transaction,Co Sociedad de Gestion y Participacion,the Spanish investment holding c