Portugal M&A activity falls to €4.5bn by July

Deals involving Portuguese companies continued to slow in the first seven months of 2026, with the country’s mergers and acquisitions market reaching €4.5 billion by July, according to TTR Data.

Between January and July, 289 transactions involving Portuguese companies were recorded, down 28% from the same period of 2025. TTR Data said the value of M&A deals fell by about 20%, although only 31% of transactions disclosed their price. Real estate remained the most active sector, with 44 transactions.

Cross-border activity showed Spain as the leading source of investment into Portugal, with 19 transactions. Portuguese companies, meanwhile, chose Spain and Brazil as their main outbound M&A destinations, with 32 and eight transactions respectively. TTR Data also said foreign acquisitions in the technology and internet sector fell 23% year on year.

Private equity activity also weakened, with 44 transactions in the period, down 27% from a year earlier. Venture capital was more resilient: 53 funding rounds were completed for a total of €523 million, marking a 5% increase in the amount invested in startups. In asset acquisitions, 68 transactions were recorded, with a combined value of €2.3 billion, down 5% in mobilised capital.

TTR Data’s advisory rankings for Portugal up to July showed Cuatrecasas Portugal leading by number of transactions among law firms, with 13, while Morais Leitão led by value, at €708.78 million. Among investment banks, Houlihan Lokey ranked first by number of deals, with two, and BTG Pactual led by value, at €698.66 million.

Originally published at Eco.pt