The Spanish transactional market registered up to the third quarter of the year a total of 2,001 mergers and acquisitions, between announced and closed, for an aggregate amount of €88,810 million, according to TTR’s quarterly report (www.TTRecord.com) in collaboration with Intralinks. These figures represent a 10% decrease in the number of transactions and a 6% decrease in the number of transactions compared to the same period in 2021.
In terms of sectors, Real Estate is the most active sector of the year, with a total of 468 transactions, and has recorded an increase of 34% compared to Q3 2021; followed by the Internet, Software, and IT Services sector, with 235 transactions and a year-on-year decrease of 14%, and the Business and Professional Support Services sector, which recorded 126 transactions and a decrease of 39% compared to Q3 2021.
Cross-Border
As regards the Cross-Border market, up to the third quarter of the year, Spanish companies have chosen the United States, the United Kingdom, and Portugal as the main destinations for their investments, with 40, 34, and 28 transactions, respectively. In terms of amount, the United States is the country in which Spain has made the largest disbursement, with an aggregate amount of €4,997m.
On the other hand, the United States (151), the United Kingdom (132), and France (121) are the countries that made the largest number of investments in Spain during the year. Of note by amount was the United States, with an aggregate amount of €31,085m.
Private Equity and Venture Capital
A total of 249 private equity transactions were recorded in the first nine months of 2022, of which 77 had an aggregate non-confidential amount of €36,943m. This represents a 12% increase in the number of transactions and a 49% increase in the number of transactions compared to the same period last year.
In the Venture Capital market, 442 transactions were carried out, of which 375 had an aggregate non-confidential amount of €4,146m. In this case, there was a 15% decrease compared to the same period in 2021 in the number of transactions and a 27% decrease in the capital raised.
Asset Acquisitions
In the asset acquisition market, 599 transactions with a value of €14,440m have been closed up to the third quarter of the year, implying a 3% increase in the number of transactions and a 32% increase in their amount compared to the same period of 2021.
Transaction of the Quarter
For the third quarter of 2022, TTR has selected the sale of 100% of Spain’s Industria de Turbo Propulsores (ITP) by Rolls-Royce Holdings, a UK aerospace, turbine, and power generation company, to a consortium comprising Bain Capital, JB Capital Markets and Sapa as the transaction of the quarter.
The transaction, valued at €1,700m, was advised on the legal side by Pérez-Llorca; Cuatrecasas; PwC Tax & Legal España; Baker McKenzie, and Uría Menéndez. On the financial side, the deal has been advised by EY Spain. On the due diligence side, EY Spain and PwC Spain were involved.
Ranking of Legal and Financial Advisors
The TTR ranking of financial advisors in the M&A market until Q3 2022, by amount, is led by Rothschild and Banco Santander, with €8,021.22m and €6,689.16m, respectively, until Q3 2022. The ranking by the number of transactions is led by Banco Santander and Arcano Partners, with 16 transactions each.
The ranking of legal advisors in the M&A market, by amount, is led by Freshfields Bruckhaus Deringer España, with €28,798m, while by the number of transactions, Cuatrecasas España is in first place, with 111 deals advised.
