Trends and opportunities of M&A in Portugal

: sector analysis: market outlook

Abstract

Mergers and acquisitions (M&A) are key to corporate strategy, enabling firms to expand, restructure, or optimize operations. While extensive research on M&A exists in broader European and global contexts, studies focusing on Portugal are limited. This thesis aims to address this gap by analysing trends and opportunities in the Portuguese M&A market from 2014 to 2023, inclusive. Using a mixed-methods approach, the research combines quantitative analysis of 842 M&A transactions from Standard and Poor’s (S&P) Capital IQ with qualitative case studies from the most active sectors. The quantitative analysis identifies trends such as the predominance of cross-border transactions, the most active industries (Industrials, Consumer Discretionary, and Information Technology), and key investors in Portugal. The qualitative analysis explores representative transactions, focusing on strategic motivations, deal structures, and post-acquisition impacts. The findings show that Portugal remains an attractive destination for foreign investors, particularly from Spain, France, the UK, and the US, with private equity firms playing a significant role. Sectoral consolidation and the rise of specialized companies highlight further investment opportunities. This study offers insights for policymakers, investors, and business leaders, providing a deeper understanding of the trends shaping the Portuguese M&A landscape.

Date of Award	7 Jul 2025
Original language	English
Awarding Institution	Universidade Católica Portuguesa
Supervisor	Sandra Correia (Supervisor)