In the third quarter of 2025, the Portuguese transactional market recorded 440 deals, with a total value of €6.9 billion. Of these, 43% disclosed their deal values, according to the latest report from TTR Data. These figures represent a 6% decrease in the number of transactions compared to the same period in 2024, as well as a 30% decline in capital mobilised. In the third quarter alone, 167 mergers and acquisitions, both announced and closed, were registered, reaching a total value of €2.6 billion.
Sector analysis
The real estate sector was the most active in 2025, with 74 transactions, followed by Internet, software & IT services with 49 deals. The travel, hospitality & leisure sector saw a 30% increase in activity.
Cross-border activity
In cross-border terms, Spain and the United States were the leading investors in Portugal during the period, with 46 and 26 transactions, respectively. Portuguese companies chose Spain and the United States as their main investment destinations, with 26 and 16 transactions, respectively. Acquisitions by U.S. companies in Portugal rose 30% compared to the same period in 2024.
Private equity, venture capital and asset acquisitions
In the third quarter of 2025, there were 67 private equity transactions, totalling € 1.3 billion. In venture capital, 93 investment rounds were completed, with a total of € 590 million, representing an 18% drop in the number of deals. In the asset acquisitions segment, 112 transactions were recorded, totalling EUR 3.6bn, reflecting a 10% increase in deal volume.
Deal of the quarter
TTR Data highlighted as the deal of the third quarter of 2025 the completion of the acquisition of Iberol and Biovegetal by Reagro and Fortitude Capital, valued at approximately €50 million. The deal involved legal advice on Portuguese law from PLMJ and Vieira de Almeida. Financial and due diligence advisory was provided by Deloitte Portugal, and sharepoint managed the Virtual Data Room.
Financial and legal advisor rankings
The report also includes financial and legal advisory rankings for the third quarter of 2025 in M&A, private equity, venture capital and capital markets, based on the number and value of transactions. In the legal advisors ranking, CCA Law Firm leads by number of transactions in 2025, with 31 deals, while Morais Leitão tops the value ranking, with a total of €1 billion advised.