Agenda
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Opportunities and challenges within Iberian M&A in 2025
The more stable macroeconomic climate and lower interest rates are expected to lead to an improvement in M&A activity in the region for 2025. The Spanish M&A market experienced significant growth in 2024, with an 8% increase in the total number of transactions and a cumulative value of €95.971 billion, according to recent data, and it is projected to continue on this growth path, with a similar positive trend expected across the border in Portugal. Players looking to capitalise on valuation gaps and market alignment will be driving deal activity across various sectors, with technology, real estate, consumers’ goods, defence and infra leading the way. Our panel will address how the market is moving on from the recent "wait-and-see" mode and how it plans to maintain a positive deal flow for the remainer of the year.
- How will investors navigate the changing landscape to maximise value in their investments in the year ahead?
- Impact of technology on investments and M&A practices: Innovation, AI (including tokenization) and enhanced due diligence. Will they influence investment strategies and deal structures? How?
- Impact of governmental interventions on deal activity in the region
- Will digital and green energy continue to drive deal flow? Further sectors’ watch: Growing investments in agrifood and agritech, education, real estate (including flex living), sports and a renewed interest in defence
Networking coffee
Fastest growing investment trends – Spotlight on infrastructure and data centres
Over the last five years, Spain has aligned itself with the biggest infrastructure markets in the world – becoming a leader in infrastructure M&A on a global scale. In addition to the volume of infrastructure projects, there is also an extremely diverse investor base in the region: From infra funds to pension funds, insurance companies, corporates, private equity and family offices. Alongside traditional infra investments, energy providers to European data centres are actively considering M&A as a way of helping to fund their investments and Spain is becoming a highly appealing location due to its abundance of space and its solar energy resources – Iberdrola alone plans to launch EUR 2bn data centre subsidiary with EUR 10bn investment plans. The panel will discuss:
- The appeal of Spanish infrastructure to the global stage. How is it going to be impacted by international supply chain developments?
- Will the rapid growth of AI and cloud-computing lead to a surge in dealmaking activity in the year ahead?
- Investments in data centres: Cross-border appeal, consolidation through acquisition and recent deals (ie: AtlasEdge Data Centres)
- The impact of data centres extended ecosystems on local economies: From investments in real estate to software to satellite and more
Private equity deal drivers and value creation strategies
In 2024 the Spanish PE market recorded 343 transactions totalling €27.620 billion, suggesting that investors are willing to commit larger sums to high-quality assets. Meanwhile, venture capital generated a cumulative value of €3.407 billion, reflecting the continued attraction of funds for startups and growing companies. Signs for 2025 continue to be positive and with the Spanish deal flow becoming more complex thanks to a greater emphasis on co-investments and secondary transactions, the panel will discuss best strategies for private equity deal-making and successful portfolio management, especially in some of the sectors where exits have been limited in the previous years. Will these strategies and factors continue to stimulate the PE market in the region?
- Effective diversification strategies in play: How to effectively support deal activity and build resilient portfolios across various sectors and asset classes?
- Fundraising, deployment and exit opportunities – How can investors leverage the narrowing valuation gap to their advantage?
- Is it time to reviewing capital structures and financing models to incorporate alternative investments to improve cash and liquidity? Discussing exit strategies, the secondary market, continuation funds, capability investing (especially in AI) and IPOs
- How are Iberian PE and financing landscapes changing thanks to the growing international investors’ presence?
Networking coffee
M&A financing and opportunities in the Iberian private credit market
After a period of decline in leveraged finance activity, specifically related to M&A and LBOs, 2025 starts with positive signs of M&A reactivation already emerging and with leveraged finance markets expected to grow – creating more competition and opportunities for dealmakers. With private credit expected to remain an essential provider of funding for both sponsored and non-sponsored deals, our panel will discuss regional leveraged and private credit trends in 2025. How has the private credit market changed over the past 12 months, and what does the current landscape look like? How can businesses successfully leverage private credit funds?
- What trends are emerging in the asset-backed lending market, and how are they shaping investment opportunities? In the current environment, which assets are seen as the most suitable to lend against and are experiencing the most interest from investors?
- How are liquidity concerns being managed? Adding value with innovation and new financing mechanisms: Alternative finance and venture debt funds.
- Which are the implications of international interest in Spanish assets? Will it impact competition and lending practices in the region?
- Which newer sectors and industries are expected to present the most attractive opportunities? What effect do geopolitical risk and new tariffs have on private credit and why is it still an attractive asset class?
Driving sustainable growth through the energy transition
The market anticipates a very dynamic 2025, driven by growth in key sectors related to energy transition and beyond conventional renewables. Building on positive trends in renewable generation, Spain faces significant growth opportunities in other critical sectors essential for the energy transition. To fully capitalise on these opportunities and address existing challenges, such as technical constraints and falling investor returns, regulatory changes will be crucial. With financial investors becoming more and more interested in assets that link renewables with the broader circular economy, the panel will address how this will support Spain's goal of becoming a leading green electrical hub in Europe.
- Challenges and opportunities for dealmakers navigating the transition to renewable energy; which sectors and subsectors are the most attractive?
- Understanding energy transition in the broader sense as a key area of activity: From recycling to the diversification of energy sources, energy valorisation and the circular economy
- How can dealmakers capitalise on the momentum and Spain’s reputation as leader in renewable energy investment and innovation to further drive growth in 2025 and beyond?
- The potential impact of recent US politics on global sustainability and ESG compliance
Chairperson’s closing remarks
Lunch and networking drinks
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