S&P recently published the statistics on M&A activity in Europe for the second quarter of 2025.
In the European market, deal value registered a decline of 27.9% compared to the same quarter in 2024, while the number of transactions showed a slight increase of 0.6%. On an annual cumulative basis, deal value fell by around 12.8%, with the number of transactions growing by 2.7%.
In the Spanish market, the decline has been particularly significant. Deal value in Q2 2025 reached €6.9 Bn (USD 8.1 Bn), compared to €20.8 Bn (USD 24.5 Bn) in the same period of 2024. For the first half of 2025, cumulative deal value amounts to €8.8 Bn (USD 10.4 Bn), representing a decrease of 63.5% compared to the same period last year.
These figures reflect an environment with lower total deal value, although the number of transactions remains relatively stable.