September 11, 2025
Southern Europe Mid-Market M&A: Stable Valuations, Strong Buyer Appetite
The Southern European mid-market M&A landscape, which is made up of Spain, Portugal, Greece, and Italy, in the first half of 2025 showed resilience, with steady deal activity, a strong focus on smaller transactions, as well as the increasing use of artificial intelligence in dealmaking. Findings from the latest Southern Europe M&A Monitor, based on input from leading advisory firms across Spain, Portugal, Greece, and Italy, highlight that the market has adapted to a “new normal’’, with advisors expressing optimism for the months ahead. Nearly half of all transactions were sub-€5 million (26% under €2.5m; 20% €2.5–€5m), underscoring continued momentum in smaller deals.
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