TTR Data: Addleshaw Goddard has positioned itself as a key player in the Spanish legal market following its entry in 2024. How would you assess this first year in Spain, and what role does the Iberian market play in the firm’s global strategy?

Indeed, Addleshaw Goddard entered the Spanish market in 2024 through the integration of our firm, that had already been operating in Spain since 1999, initially under the SJ Berwin brand and later as part of King & Wood Mallesons. Therefore, it has benefited from an already established track record and market positioning.

The balance of this first year as part of the Addleshaw Goddard network is very positive. We achieved the goals set for 2024 and closed the financial year with a turnover of €20.45 million in Spain. This result reflects both the team’s prior momentum and the boost provided by the combination with Addleshaw Goddard. In any case, we expect the “AG effect” to become more evident in 2025 and 2026, with the goal of surpassing €25 million in annual revenue during that period.

Globally, Addleshaw Goddard recorded a record financial result in the last financial year, with total revenues of £550.9 million, representing an 11% increase compared to the previous year. The number of partners also grew by 9%, reaching 444, and the global workforce now totals 2,952 professionals.

The Iberian market plays a strategic role in the firm’s global growth plan. The opening of the Madrid office was one of the key milestones of 2024, and this year we also opened offices in Poland and Abu Dhabi. This expansion is part of the AG2030 strategy, which aims to reach £1 billion in revenue by 2030, effectively doubling the firm’s turnover.

TTR Data: Which sectors are showing the most dynamism in the Spanish M&A market in 2025? What types of transactions are prevailing: strategic acquisitions, private equity, sector consolidations?

During the first half of 2025, there has been a slowdown in both the volume and value of transactions compared to the same period in 2024. The most active sectors remain technology, tourism (including hospitality and leisure) and real estate, although all of them are showing a decrease compared to last year’s data.

However, some segments are beginning to show signs of recovery. This is the case for private equity, which is experiencing a more favourable trend. In the first six months of the year, investments have increased compared to the same period in 2024, mainly driven by mid-market transactions. In this area, in addition to technology, the healthcare and industrial sectors stand out as the most dynamic.

From what we observe among our clients, Spain continues to be an attractive market for both domestic and international investors, especially for private equity firms, due to the quality of the assets.

However, since it may not be the right time to sell high-quality assets – given that they may not be sufficiently valued in the market – there is a clear trend towards growing portfolio companies through add-on acquisitions and extending holding periods, with a notable rise in single-asset secondary transactions involving continuation funds.

Overall, we maintain an optimistic outlook for the end of 2025. Nevertheless, we remain cautious, as geopolitical and economic uncertainty is undoubtedly affecting investor confidence, leading to longer and more uncertain acquisition processes.

TTR Data: From your experience, how is the profile of foreign investors in Spain evolving? Which jurisdictions are leading investment, and how does this compare to previous years?

As already mentioned, despite the slowdown in the M&A market, Spain remains attractive to international investors, albeit the degree of caution is greater when executing transactions. Our market continues to be very appealing to foreign investors, particularly private equity firms and strategic asset buyers.

Regarding the countries that are leading foreign investment in Spain in 2025, the most recent data places the United Kingdom, the United States and France at the top. This trend is also reflected in our client base, especially in the case of the UK, where Spanish real estate continues to generate significant interest. We also expect growing interest from Middle Eastern investors, where Addleshaw Goddard has five well-established offices.

It is important to note that this cross-border component is not limited to the entry of foreign companies into our market. It is also evident in the increasing internationalisation of Spanish companies, which are consolidating their presence in strategic markets such as Portugal, Italy, the UK and the US, while also exploring new jurisdictions of interest like Poland. In the latter case, we are seeing strong appeal in sectors such as energy and real estate among our clients.

TTR Data: How significant are cross-border transactions in your practice? In which industries or client profiles are you seeing the most movement between Spain, the UK and other European economies?

Cross-border transactions are becoming increasingly relevant in the Spanish M&A market and entail a strategic component of every law firm’s practice. These transactions include both large corporate deals and strategic minority investments.

TTR Data: What are Addleshaw Goddard Spain’s priorities for the coming months in the M&A area? What challenges and opportunities do you identify in an environment marked by regulatory and economic uncertainty?

From our perspective, perhaps the greatest challenges we face in the Spanish M&A market in the coming months are global geopolitical risks and a certain sense of regulatory instability, which could delay or discourage foreign investment.

Despite this, interesting opportunities keep emerging for us, mainly related to private equity, where our leadership position in the sector allows us to participate in many of the strategic transactions undertaken by fund managers, especially GP stakes and secondary deals.

Finally, our priority remains the same: to provide high-quality service to our clients, adapting to their real needs and supporting them in their most strategic transactions – not only providing legal advice but also strategic guidance based on our deep sector knowledge, which has been further strengthened following our combination with Addleshaw Goddard.

This interview has been published by TTR Data and is available here.