What Does the M&A and Private Equity Landscape Tell Us in Q1 2026? (Part I)
The M&A and Private Equity market in Spain kicked off 2026 with strong momentum in the first quarter. Analyzing the 120 highlighted transactions completed in Q1 2026 allows us to draw several meaningful conclusions about the balance between domestic activity, the role of international investors, and the international expansion of Spanish companies.
In this first part of the analysis, we focus on the geographical dimension of M&A, a key variable for understanding Spain’s position within the European and global mergers and acquisitions ecosystem.
Geographic Breakdown of M&A in Spain: A Very Stable Balance
From a geographical standpoint, the market maintains a structure very similar to previous years, with a fairly even split between domestic and cross-border transactions.
- Domestic transactions—deals between Spanish companies—slightly lead the ranking, accounting for 44% of total activity.
- Inbound activity, driven by foreign buyers acquiring Spanish companies, remains highly significant and represents 43% of transactions, confirming its role as a major pillar of the market.
- By contrast, outbound activity, where Spanish companies acquire assets abroad, represents only 13% of the total, equivalent to 16 out of the 120 transactions analyzed.
This distribution once again confirms a recurring trend: inbound activity is three times higher than outbound, highlighting Spain’s structural appeal to international investors.
International Expansion via M&A: The Role of Private Equity
A closer look at outbound activity reveals an especially interesting pattern from a Private Equity perspective.
Approximately one third of international acquisitions carried out by Spanish companies are backed by a private equity fund. Representative examples include:
- BMAT – Tresmares Capital
- t2ó – Aurica Capital
- Trison – LGAM
- Grupo Alacant – Investindustrial
This indicates that, in roughly two thirds of cases, international expansion through M&A is being led by companies without financial investors in their shareholder structure, underscoring the industrial and financial strength of many Spanish groups.
Sectors Most Active in International Acquisitions
From a sectoral perspective, Spanish companies acquiring assets abroad tend to be concentrated in activities with a strong technological, branding, or specialization component.
The ranking of most active sectors is as follows:
- Technology, with companies such as Amadeus, Submer, and BMAT.
- Food & Beverage, including Fini, Grupo Alacant, and Adam Foods.
- Business Services, led by t2ó.
- Healthcare, with transactions such as Devicare.
- Industrials, represented by groups like Tradebe.
This sector mix reinforces the idea that international expansion is focused on scalable businesses with clear competitive advantages and global growth potential.
Investment Destinations: An Increasingly Diverse Footprint
During Q1 2026, Spanish companies completed acquisitions in 11 different countries, demonstrating an increasingly diversified international footprint.
- Italy was the most active destination, with three acquisitions.
- It was followed by the United States, Germany, and France, each with two transactions.
- Some companies ventured further afield, such as Submer, which completed an acquisition in Australia.
This geographic diversification reflects a growing maturity in international growth strategies, with a clear global outlook.
Conclusion: An Open and Attractive Market
The snapshot of M&A and Private Equity activity in Spain in Q1 2026 reveals a market that is:
- Highly attractive to international investors,
- Home to domestic companies capable of competing abroad, and
- Characterized by a solid balance between industrial and financial capital.
