Two of the five largest mergers and acquisitions known in the M&A field were expected to reach final closing in 2023. Notably, the sale of 25% of Heathrow Airport to Ardian and the Public Investment Fund (PIF), along with a 20% stake in Shanghai RAAS, were highlighted as major deals. Grifols also agreed to transfer a stake to the Chinese multinational Haier. Collectively, these transactions carried an estimated value exceeding €4,333 million, as reported by the data and corporate intelligence firm TTR Data. (Cite: TTR Data)
In November, Ferrovial announced plans to dispose of its interests in the United Kingdom and Europe’s largest airport to the private equity fund and to the Saudi sovereign wealth vehicle for €2.735 billion (approximately £2.368 billion). The process appeared to proceed smoothly until several partners led by Rafael del Pino and Ignacio Madridejos intervened, exercising co-sale rights on a portion of the stake. This move, affecting shareholders who collectively owned about 35% of Heathrow, forced Ferrovial to acknowledge market uncertainty: there is no guarantee that the transaction will close under the original terms. Meanwhile, PIF and Ardian continued to pursue a path that could introduce a new partner, with market sources suggesting a 60% ownership scenario for Heathrow. (Cite: TTR Data)
Grifols reached a deal to sell 20% of Shanghai RAAS at the end of the prior year. Valued at roughly €1,598 million, this operation aimed at reducing the Catalan company’s corporate debt, a goal that drew attention after Gotham City Research published a critical report. Grifols has faced scrutiny for accounting practices in relation to profits from subsidiaries it does not control, with the critique centering on how the company reportedly concealed over-indebtedness. Following the report and the ensuing controversy, the buyer of Shanghai RAAS, Haier, emphasized that the deal would proceed, with expectations set for completion before the end of the first half of the year. (Cite: TTR Data)
Overall, the value of the five largest corporate operations in 2023 was estimated at €13,103 million, with about one third of that amount still awaiting formal closure. Beyond the deals already mentioned, there were several other notable transactions, including Vodafone Spain’s acquisition by Zegona for $5,000 million, Telefónica’s purchase of its German subsidiary for about $1,970 million, and Statkraft’s investment of $1,800 million in Enerfin, the renewable energy subsidiary of Elecnor. (Cite: TTR Data)
What were the biggest venture capital operations of 2023?
The landmark venture capital move in Spain during 2023 centered on Heathrow and involved one of the early entrants in the sector, a fund with a profile similar to those typically seen in large-scale private equity investments. Blackstone’s sale of 35% of Hotel Investment Partners (HIP) to Singapore’s sovereign fund GIC for $1.4 billion marked a record among hotel portfolios in the country. HIP stands as Spain’s leading hotel owner, with 59 properties across Spain and a footprint in Italy and Portugal, totaling 21,831 rooms, largely skewed toward vacation-oriented assets. (Cite: TTR Data)
The next sizable move saw Partners Group and a consortium of private investors agreeing to invest €1,000 million in Exus, a company that focuses on renewable energy infrastructure management and development. In a parallel development, GED Capital took control of Fresenius’ assisted reproduction business in Spain for roughly €500 million. This deal formed part of a broader operation that also touched markets in Latin America and Europe, according to TTR Data. The same year also witnessed the acquisition of APK by Partners Group and Brookfield for about $313 million, a transaction tied to parking services as APK operates more than 43,000 parking spaces across 110 assets and 25 provinces. Firmum Capital, advising private banking clients of Banco Sabadell and AltamarCAM, played a role in this broader portfolio transformation. (Cite: TTR Data)