In 2023, Spain witnessed notable dynamism in the M&A sphere, despite an internationally challenging environment.
According to the study conducted by Closa, there were 1,003 transactions with a total value of 59,127 million euros.
The breakdown by sectors was as follows:
- BBSS: 126
- Tech: 119
- Energy: 105
- Health: 86
- Leisure: 61
- F&B: 58
- Real Estate: 54
- Leisure&Media: 51
- Finance: 51
- Logistic: 37
The drivers, the predominant trends were:
- Digitalization and Technology: One of the most notable trends was the increasing interest in the technological and digital sector. Spanish companies, both large and emerging, actively sought acquisitions to accelerate their digital transformation. This was observed not only in pure technology companies but also in traditional sectors seeking to innovate and digitize their operations.
- Sustainability and Renewable Energy: Growing concerns about climate change and the transition to a low-carbon economy drove investments in renewable energies and sustainability. Spain, with its favorable climate for solar and wind energy generation, attracted both national and international investments in this sector.
- Market Consolidation: Spain also saw a wave of consolidation in various sectors, including banking, telecommunications, and retail. Companies sought synergies, cost reduction, and increased market share through mergers and acquisitions.
- The most active subsectors were:
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- Technological and Digital: As mentioned earlier, this was one of the most active sectors, not only in terms of quantity but also in the size of the operations.
- Renewable Energies: The energy transition drove numerous operations in the renewable energy sector, positioning it as one of the most dynamic of the year.
- Infrastructure: This sector also experienced a notable level of activity, driven by interest in long-term and stable investments.
- Special Situations: Spain showed resilience and dynamism despite global economic uncertainty, fluctuations in financial markets, and geopolitical tensions posing obstacles for some operations. However, these same challenges presented opportunities, especially for investors and companies with a long-term vision and well-defined strategies.
Regarding future prospects, we understand that digitalization, sustainability, and market consolidation will continue to be the key drivers of interest.
Josep Ma Romances Founder & Chairman of Closa Capital
