If he mergers and acquisitions market It had a brake pedal and a panic button, since the pandemic until now we probably should have changed them due to excessive wear. At least the feeling is that; that, in Spain, funds and investors have resorted to them almost constantly during this time. However, the reality is almost the opposite. Far from having stopped, the market has maintained high resilience and constant background activity. As a whole, the solidity of many sectors and the very effervescence of liquidity have taken it further than could have been predicted in light of certain events.
If we talk about this year, that supposed M&A car only stalled in the days after the Liberation Dayperhaps the date when the panic button worked the most in the markets. But the recovery was rapid and the rest of the year should be considered satisfactory. The technology and defense have been safe harbors for activity. In many other sectors, flexibility, rigor of analysis and diversification strategies have allowed to emerge opportunities and keep the sector in “perpetual” movement.
In the face of volatility or geopolitical risks, real activity is supported by the abundance of capital in private equity funds whose investment terms are close to expiring, due to the need for consolidation in mature sectors and the growing digital transformation, a triggering factor for many operations, especially those promoted by family businesses on the rise, in need of muscle to make a quality leap to the market. And this makes the prospects for 2026 good.
Hemid market continues to remain in Spain as a true protagonist of M&A for its capacity for growth, professionalization and value construction. It is true that the context is complex and that the analysis processes have become much longer (and somewhat more uncertain), but at the same time they have supported a certain traction for the market as a whole. From a sector perspective, classic industries, such as infrastructures or energy networks have generated growing interest, while Spanish real estate is established as one of the great focuses for 2026 for its stability, scarcity of supply and attractiveness for international capital. As noted in the last edition of CapCorpthe surprise is being emergence of the so-called experience economya vindication of well-being and memorable experiences, which has multiplied its value since the pandemic in sectors such as tourism, restaurants, health or entertainment and sports. If we look at the type of transaction, traction has come from both carve-out operations and add-ons.
It is difficult to find common points between the different activities, strategies and trends noted so far; But of the possible links, I would like to highlight one, partly for professional guidance and also for its growing significance and value, verifiable in the most successful cases. I am referring, of course, to the communication. In these years it has ceased to be an added or complementary practice and has been considered an essential part of the strategy of any operation. Communication has become a key tool to facilitate that, in an increasingly complex context, all decision-makers on whom the success of an operation depends have the necessary information.
And this implies having a clear investment thesis that appeals to the needs and expectations of these decision-makers. It is no longer enough for this thesis to be articulated exclusively based on the financial rationale of the operation. In the current European context, focused on strengthening the competitiveness of the region, the Operations need to better explain their contribution to the economic ecosystem, their impact on business resilience and their contribution to the territory. This is especially relevant given another of the growing trends of recent years, the evolution towards more detailed and demanding regulatory frameworks for M&A operations.
The communication may be the best fuel to put all these factors in common, align perceptions and manage public and published opinions to generate a current favorable to one’s own point of view. And if it has been crucial when the M&A market was sluggish, imagine the importance of communication when the market becomes direct again.