Lisbon, Portugal — The transactional landscape in Portugal has seen a notable downturn in 2025, with a total of 374 deals valued at approximately EUR 5.57 billion reported through August. This marks an 11.37% decline in transactions and an alarming 39.42% drop in mobilized capital compared to the same timeframe last year, according to data from TTR Data.
The mergers and acquisitions (M&A) sector specifically recorded 154 transactions, generating EUR 1.37 billion. Other notable areas included asset acquisitions with 93 deals valued at EUR 2.64 billion, venture capital investments totaling EUR 502 million across 77 transactions, and private equity activities amounting to EUR 1.05 billion in 50 deals.
Vieira de Almeida has emerged as the top legal advisor based on deal value in the Portuguese market, facilitating transactions worth EUR 672 million. Morais Leitão and PLEN Advogados followed closely behind, with respective values of EUR 522.97 million and EUR 490 million. Uría Menéndez, Garrigues Portugal, Pérez-Llorca, and several others completed this competitive ranking.
In terms of deal volume, Cuatrecasas leads with 26 transactions so far in 2025, while CCA Law Firm and Morais Leitão follow with 25 and 23 deals, respectively. The list of the ten most active advisors also includes firms like PLMJ and Garrigues Portugal, indicating a diverse and competitive advisory environment.
Catarina Tavares Loureiro from Uría Menéndez stood out as the primary dealmaker, mobilizing EUR 330.50 million in capital. She is trailed by Vitor Pereira das Neves of Morais Leitão and João Louro e Costa from Uría Menéndez, who collectively contributed significant value to their firms. Additionally, Domingos Cruz of CCA Law Firm led in transaction count, supported by a strong performance from his peers.
This year, cross-border deal-making has seen Portuguese enterprises favor Spain, the United States, and Brazil for outbound acquisitions, which totaled EUR 1.96 billion across 43 transactions. Conversely, inbound investments have primarily originated from Spain and the US, with acquisition values reaching EUR 997.56 million.
Sector activity has been dominated by real estate, which accounted for 63 transactions—a 2% increase from the previous year. The technology sector, particularly internet, software, and IT services, also saw significant activity with 41 deals reported.
The report also highlights rankings across various financial and legal advisory fields in M&A, private equity, and venture capital, showcasing the competitive nature of the market as firms vie for top positions based on both transaction count and total deal value.
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