The fourth quarter of 2025 was the most active period of the year for the Spanish healthcare M&A market, with a total of 44 transactions. Nearly 20% of all healthcare transactions in Europe involved Spanish companies. Selected transactions by subsector include:

Hospitals and clinics led deal volume, in line with the ongoing trend of sector consolidation driven by large groups backed by private equity. Notable transactions include new acquisitions by Miranza in ophthalmology, with the purchases of Oftalmocenter and IOCAT – Institut Oftalmològic de Catalunya, as well as acquisitions by Magnum Capital Industrial Partners, which, through its Institución Gournay platform, strengthened its positioning in premium aesthetic medicine with new acquisitions in the Canary Islands and Catalonia.

URGO Group, the French pharmaceutical company specialising in wound care, acquired the Spanish brand Nutralie from Nutriexperts, with the aim of expanding its nutraceutical activity and reinforcing its presence in a strategic market such as Spain.

In Medtech and Medical Devices, Palex Group stood out after completing the acquisition of Swiss company Anandic Medical Systems AG during the fourth quarter.

Within the consumer health segment, Catalonia-based Niche Beauty Lab was acquired by German cosmetics group cosnova, with the objective of strengthening its presence in Spain and capturing synergies across its distribution network.

 

Looking ahead to 2026, we expect M&A activity to remain strong, driven by private equity and the mid-market, in an environment less favourable to mega-deals. Selective acquisitions focused on innovation and pipeline, together with sector consolidation and geographic expansion, will be the main drivers of M&A in the healthcare sector.

 

To learn more about M&A activity in the healthcare sector, download our latest report here: https://lnkd.in/d-zn_8Na