With Magyar’s takeover bid for the train maker Talgo and Portuguese Bondalti’s bid for the Spanish Ercros, Spain’s Bolsas y Mercados Españoles (BME) has logged twenty-six public M&A offers in the last five years, dating back to January 2019. Those corporate moves, some more technical than strategic, total a combined value of 18.168 billion euros, pending final clearance on four deals still in motion (Talgo, Ercros, Prosegur, and Opdenergy). This figure comes from ACTIVOS, the Economics vertical of Prensa Ibérica, based on publicly available data from BME. (ACTIVOS)
Telecoms emerge as key drivers
The buyouts involving Bolsas y Mercados Españoles were just edged out by the purchase of MásMóvil by Cinven, KKR and Providence for 2.56 billion euros, a deal completed just three months after the BME transaction in September 2020. It stands as the second-largest deal among telecoms-linked operations in the period. (ACTIVOS)
Not long after, MásMóvil and its shareholders moved to acquire Euskaltel from Zegona, Kutxabank, and Corporación Financiera Alba for 1.919 billion euros, underscoring how telecom consolidation has remained a central theme for Spain in those years. (ACTIVOS)
From Naturgy to Opdenergy and Solarpack
The most high-profile deal of recent years was IFM’s 2021 approach to Naturgy, an Australian pension fund’s bid to acquire 22.69% of the equity (220 million shares) for 4.855 billion euros. Ultimately, roughly half of the proposal’s target, about 105 million shares, was accepted, representing an outlay of around 2.317 billion euros. (ACTIVOS)
The latest public acquisition, aside from the Talgo move, involves the French fund Antin’s approach to the renewable energy producer Opdenergy. Even as the deal awaits closing, it is valued at 895 million euros and has the blessing of the Government, the National Securities Market Commission, and Opdenergy’s board. (ACTIVOS)
In 2021, Solarpack’s sale to the Swedish fund EQT, which also holds ownership in Spain’s Idealista, closed for 846 million euros with near-unanimous shareholder acceptance, except for the Galíndez family, who reinvested and retained a stake. (ACTIVOS)
Self-initiated takeovers
Within recent Spanish M&A, one chapter focuses on corporate actions within firms themselves. The latest involves Prosegur’s principal shareholder, Helena Revoredo, offering to buy an additional 15% stake for 60% of the company, funded partly by a Prosegur dividend and awaiting closure. (ACTIVOS)
A parallel self-tender occurred when FCC launched a buyback to reclaim 7% of its capital. Of more than 32 million shares intended for acquisition, about 20.5 million were approved, valuing the operation at over 257 million euros. (ACTIVOS)
Other notable deals
Similar to the Siemens Gamesa operation earlier in the year, the elevator maker Otis launched a bid for 49% of its Spanish subsidiary, Zerdoya Otis. The deal achieved about half of its targeted holdings, with 214 million shares acquired for 1.513 billion euros. (ACTIVOS)
In a significant cross-border move, British paper and packaging group DS Smith bought Europac, then controlled by the Isidro family, in a deal valued at 1.647 billion euros, with strong shareholder alignment. (ACTIVOS)
Smaller deals since 2019 include eleven other public bids: Parques Reunidos (295 million), Mediaset (183 million), DIA (169 million), Telepizza (167 million), Natra (137 million), Metrovacesa (125 million), Biosearch (114 million), Optimum RE Spain Socimi (66 million), Barón de Ley with two bids totaling 54 and 17 million respectively, AB Biotics (16 million), General de Alquiler de Maquinaria (4 million) and Bodegas Bilbaínas (2 million). These smaller buyouts demonstrate a steady level of activity across sectors and deal sizes. (ACTIVOS)