The number of mergers and acquisitions in Portugal fell by 37% in the first half of this year, to 82 transactions, while the value of transactions dropped by around 87% to EUR 800 million, according to a study by Forvis Mazars.
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22/10/2026
by
Lusa
O the number of mergers and acquisitions in Portugal fell by 37% in the first half of this year, to 82 transactions, while the value of transactions dropped by around 87% to 800 million euros, according to a study by Forvis Mazars.
According to the report “Investing in Southern Europe: M&A and Private Equity in 2026”, prepared by Forvis Mazars in partnership with Mergermarket, the value of operations in Portugal compares with the EUR 6.3 billion recorded in the first half of 2025.
The evolution of the Portuguese market contrasts with that of southern Europe, where the value of mergers and acquisitions increased by 37% to EUR 147.7 billion, driven by large operations and by the interest of international investors.
In Portugal, the largest operation announced in the first half involved the Sabseg Group, specializing in insurance mediation and risk management, in a business of EUR 600 million that included a new investment by Miura Partners and the reinforcement of Schroders' participation from 2% to 20%.
The second largest operation was carried out in the tourism and leisure sector, with the acquisition of Caesar Park, a five-star hotel and golf resort in Sintra, Catterton Management and Cedar Capital Partners, for 140 million euros.
According to the study, the three largest transactions in the Portuguese market were led by international buyers from the United Kingdom, Spain and the Netherlands, highlighting the importance of foreign investment.
Despite the fall in activity, Senior Manager of Transaction and Advisory Services at Forvis Mazars in Portugal, Filipa Matias, considers that there are still opportunities in the national market.
“The underlying activity in smaller and medium-sized transactions remains present, although it is less visible in the data of transactions with disclosed values,” says the study.
According to the person responsible, the perspectives are supported by the interest of foreign investors, by operations supported by risk capital funds and by the consolidation of fragmented sectors, with emphasis on technology, business services, industry and real estate and hotel assets.
The report also stresses that Portugal is the only market in Southern Europe where the annual number of mergers and acquisitions operations has increased or remained stable in all years since 2016, a trend whose continuity is now open to the fall in the first half.
Still, 33 potential opportunities for mergers and acquisitions were identified in Portugal, distributed across 12 sectors, in a total of 608 opportunities signaled in Southern Europe.
In the region as a whole, including Italy, Spain, Switzerland, Turkey, Portugal and Greece, 1,858 operations were announced in the first half, less 6% than in the same period, despite an increase of 37% in the aggregate value of transactions, from EUR 107.9 billion in the first half of 2025 to EUR 147.7 billion.
Italy led the regional market with 754 operations worth EUR 87.1 billion, followed by Spain with 600 operations and EUR 28.7 billion.
Investors outside the region accounted for around 41% of the total value of transactions, equivalent to more than EUR 61.2 billion, notably US (139 transactions totaling EUR 23.7 billion) and British (88 transactions totaling EUR 23.3 billion).
For the coming months, Forvis Mazars anticipates the maintenance of investment opportunities, supported by financing conditions, business succession processes and sector consolidation, although geopolitical tensions, energy prices and trade policies continue to represent uncertainty factors.