Informe Trimestral España – 4T 2020

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Mercado M&A español registra descenso del 17% en 2020, según informe de TTR 

En 2020 se han registrado 2.210 operaciones de M&A por un importe de EUR 116.463m 

El sector inmobiliario ha registrado el mayor número de operaciones, con 471, pese a experimentar una caída del 30% con respecto a 2019 

Adquisiciones extranjeras en el sector de Tecnología e Internet aumentan un 10% en 2020 


Entrevista especial de TTR con Fernando Torrente, socio de Allen & Overy Spain –
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El mercado transaccional español ha registrado en 2020 un total de 2.210 fusiones y adquisiciones, entre anunciadas y cerradas, por un importe agregado de EUR 116.463m, según el informe trimestral de TTR en colaboración con Intralinks. Estas cifran suponen una disminución del 17,14% en el número de operaciones y un aumento del 27,70% en el importe de las mismas, con respecto al mismo periodo de 2019. 

Por su parte, en el cuarto trimestre de 2020 se han contabilizado un total de 639 operaciones con un importe agregado de EUR 44.639,18m. 

En términos sectoriales, el Inmobiliario es el más activo del año, con un total de 471 transacciones, seguido por el sector Tecnológico, con 404, y el Financiero y de Seguros, con 157 operaciones. Sin embargo, en términos interanuales el sector Inmobiliario ha registrado una disminución del 30%, mientras que el sector de Tecnología ha aumentado su actividad en un 3%, y el sector Financiero y de Seguros ha registrado un descenso del 19%. 

Ámbito Cross-Border 

Por lo que respecta al mercado Cross-Border, en 2020 las empresas españolas han elegido como principal destino de sus inversiones a Portugal con 34 operaciones.  

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Por otro lado, Estados Unidos (151), Reino Unido (115) y Francia (107) son los países que mayor número de inversiones han realizado en España. Por importe destaca Reino Unido, con un importe agregado de EUR 8.023,50m

Private Equity y Venture Capital

En 2020 se han contabilizado un total de 205 operaciones de Private Equity, de las cuales 63 tienen un importe no confidencial agregado de EUR 16.160m. Esto supone una disminución del 28,07% en el número de operaciones y un descenso del 49,49% en el importe de las mismas, con respecto al mismo periodo del año anterior. 

Por su parte, en el mercado de Venture Capital se han llevado a cabo 535 transacciones, de las cuales 439 tienen un importe no confidencial agregado de EUR 7.893m. En este caso, ha existido un aumento con respecto al mismo periodo de 2019 del 3,48% en el número de las operaciones, y un aumento del 256,76% en el capital movilizado. 

Asset Acquisitions 

En el mercado de adquisición de activos, se han contabilizado 606 transacciones con un importe de EUR 24.135m, lo cual implica un descenso del 28,03% en el número de operaciones y un aumento del 35,29% en su importe con respecto al mismo periodo de 2019. 

Transacción del trimestre

En el cuarto trimestre de 2020, TTR ha seleccionado como transacción destacada la adquisición por parte de Sanoma del negocio de Grupo Santillana en España a Prisa. 

La operación, valorada en EUR 465m, ha estado asesorada por la parte legal por Cuatrecasas España; PwC Tax & Legal España; y por Uría Menéndez España. Por la parte financiera han participado Greenhill & Co. Spain y PwC España.  

Además, PwC España también ha prestado servicios de Due Diligence y Fairness Opinion, y White & Case Finland ha asesorado en la financiación de la adquisición. 

Ranking de asesores financieros y jurídicos 

Informe Trimestral Portugal – 4T 2020

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Volume de Fusões e Aquisições sofre queda de 22% em 2020

Volume de transações no sector Imobiliário sofre redução 16%

Estados Unidos reduziram suas aquisições em Portugal em 67% 

Volume de investimentos de Venture Capital sofre queda de 33%

O mercado transacional português registou em 2020, 379 fusões e aquisições, das quais 182 tiveram valore divulgados que somaram EUR 18bi, segundo dados do TTR. Isto representa um aumento de 5% do valor movimentado e uma diminuição de 22% no volume  de transações em relação ao ano de 2019.  

No quarto trimestre do ano se registaram 104 transações, que apesar de representar uma redução de 32% em em relação ao 4T19, mantêm a tendência de alta observada no terceiro trimestre. 

Âmbito Cross-Border 

No que se refere às transações cross-border, houve uma redução generalizada na atividade em 2020, os Estados Unidos reduziram suas aquisições em Portugal em 67%, enquanto os Fundos de Private Equity e Venture Capital estrangeiros reduziram seus investimentos em Portugal em 33%, e até mesmo o sector historicamente mais atrativo para empresas estrangeiras, Tecnologia, sofreu queda de 13%. 

A Espanha continua sendo o principal investidor em Portugal e esteve envolvida em 34 operações até o fim de dezembro, o segundo país que mais investiu em Portugal em 2020 foi a França com 22 transações, e o terceiro mais ativo foi o Reino Unido que esteve envolvido em 21 operações. 

Em relação à atuação portuguesa no exterior, Espanha é o destino favorito na hora de realizar investimentos, com 16 transações registadas até o fim de dezembro. O segundo lugar onde Portugal investiu mais em 2020 é o Brasil com seis transações. 

Private Equity 

Em 2020, os fundos de Private Equity estiveram envolvidos em 29 transações, das quais 12 tiveram valores divulgados que somam EUR 4,2bi.  Estes números representam uma queda de 41% no número de negócios e um modesto aumento de 3% no valor total.  

Venture Capital 

Os fundos de Venture Capital movimentaram um total de EUR 881m em 2020, aumento de 117% em relação a 2019. Foram 56 transações representando uma redução anual de 33%. O setor mais ativo foi o de Tecnologia com 27 transações, redução de 40% na comparação anual. 

Transação do trimestre 

A transação destacada pelo TTR no 4T20 foi a aquisição de 81,1% da Brisa, por parte do consórcio formado por APG, NPS – National Pension Service e Swiss Life Asset Managers. A operação do setor de infraestrutura movimentou EUR 2,4bi. 

A transação contou com a assessoria legal em lei portuguesa dos escritórios Morais Leitão, Galvão Teles, Soares da Silva & Associados, VdA – Vieira de Almeida, Abreu Advogados e Campos Ferreira, Sá Carneiro – CS Associados ; A assessoria financeira ficou por conta da Caixa BI, Rothschild, Millennium BCP, EY Portugal e DC Advisory Partners. 

League Tables 

O informe publica os rankings de assessores financeiros e jurídicos até dezembro de 2020 en M&A, Private Equity, Venture Capital e Mercado de Capitais, onde se informa a atividade das firmas destacadas pelo valor total das mesmas. 

Dealmaker Q&A

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TTR DealMaker Q&A with Allen & Overy Partner Fernando Torrente

Fernando Torrente – Allen & Overy

Fernando Torrente with more than 30 years of experience is specialized in Spain in M&A and Equity Capital Markets, including takeovers, IPOs, flotations, securities issue and placement, secondary offerings and follow-on capital offerings. Additionally he is an expert in corporate governance and formed part of the group of lawyers that advised the Comisión Nacional del Mercado de Valores (CNMV) in preparing the Code of Good Governance of Listed Companies approved in February 2015

TTR: How do you see the M&A market after the current crisis and what are your main conclusions for 2020?

F. T.: Unfortunately, the crisis is not over and many of its worst effects, the most damaging affecting employment and a dramatic destruction of the business network, will be aggravated in 2021. However, the positive results obtained in the research and development processes of different vaccines have produced a very relevant change in the perception that companies and investors have about the development of the crisis and the recovery. This has led them to take decisions to search for investment opportunities, initiate consolidation processes, restructure their balance sheets, segregate areas of activity to open them to the participation by investors, put non-strategic assets up for sale or request a rescue of public funds. If the vaccine protection provides the expected response, this is going to be a determining factor in making 2021 a very active year, in which the market is going to offer a significant variety and number of transactions.

TTR: Many Spanish companies have taken on large debts or depend on government support to stay in business. How do you think this situation will crumble and how will this affect the M&A market?

It will depend a lot on market behaviour and the evolution of consumption and business recovery. There will be very difficult situations in which it will not be possible to repay the debt, which will involve restructuring and conversion processes and it will be necessary to take measures from the political, monetary and fiscal points of view. It is inevitable, unfortunately, that many companies will not be able to pay their debts, and this will cause divestments of assets or corporate spin-offs, rescue operations, consolidation processes, restructuring and insolvency proceedings, and distressed M&A transactions.

TTR: Up to November, the total value of transactions in Spain rose by 37%, according to TTR data, while the number of transactions decreased by 23%. How do you understand this divergence?

It is probably explained by the extraordinary situation that the world went through in 2020 due to the pandemic and the serious crisis caused by that, in which we are still immersed. The year 2020, without Covid-19, seemed uncertain after previous years with high growth in the M&A market. However, the total standstill of the economic activity, resulting from the general lockdown, had a pertinent impact on this market. Only a few transactions continued during this period, those that made strategic and business sense and which were led by very strong players in the financial field. The end of the first wave meant that the transactions, which had been paralysed, continued because it still made sense, as they were led by companies or investors with the capacity to deal with them, because of their strength, and because they took place in sectors that had proved resistant to the crisis. After the summer, we also saw consolidation transactions in the banking sector and the reactivation of the M&A market for smaller companies, which had been more affected. Logically, in such a difficult environment, opportunities are taken by those who are stronger and have a higher investment capacity. Besides, due to the huge liquidity existing in the market, particularly in private equity funds, there are fewer transactions but these have a higher volume.

TTR: Technology was the only sector that had more agreements this year than in 2019. What will be the next engine of consolidation in this sector once the wave of digital transformation has developed?

I think that the process of digital transformation, which started before the pandemic and which was accelerated by Covid-19 in a very intense way, still has a long way to go and I do not dare to predict when it might end.

The strongest companies have made very important investments in order to boost their development and will continue to do so, combining that with other investment and development elements, which are going to be a priority, such as sustainability. Those companies that have not had that financial strength but will survive the crisis, will continue with the digitalisation processes. I believe that the dynamism of this sector and its key role in the economy and society will continue to give it an enormous role.

TTR: Allen & Overy Spain has advised on renewable energy and technology transactions in Spain this year. What will drive consolidation in each of these sectors in 2021 and in the medium to long term?

Energy and technology are sectors in which there has been a lot of activity for a long time. Oil and electricity companies have long been undertaking a process to adapt their business to the energy transition, which has intensified in recent years, especially in 2020, for those who had not faced it decisively. These are sectors in continuous evolution, in which management teams have high capacity and the investors have great interest in their different aspects, infrastructures, core and secondary business, and so it is logical that consolidation processes take place through acquisitions or mergers, as well as through the appearance of new players.

TTR: What role do you expect Spanish telecommunications companies to play in mergers and acquisitions, nationally and internationally, in the next year?

Telecommunications companies have an extraordinarily important role, due to their business relevance, because they are providers of essential services, the very high qualification of their teams, their technological nature, and the fact that they are a driving force in innovation and development. During the last year we have seen very relevant transactions, such as the merger/combination of Liberty and Telefónica UK, and the takeover bid for Masmovil and Cellnex’s transactions. We will probably continue to see important transactions of very different types this year, for these reasons and the great interest they rouse among private equity funds searching for investment opportunities.

TTR: What do you expect to be the main challenges for law firms advising on M&A transactions in Spain over the next 12 to 18 months?

The market is moving very fast facing the opportunities that arise and there is going to be a very wide variety of transactions for which the law firms’ teams have to be ready to give advice of extraordinary quality and speed.

We are going to see distressed transactions, restructuring, processes of segregation of business units or branches of activity in which total or partial disinvestments will be sought, public to private transactions, mergers responding to sector consolidation processes, shareholder activism, dual tracks in which shareholders will seek to maximise the profitability of their investment through an IPO or a private M&A transactions. The international component will be very relevant and, until the Covid-19 pandemic stabilises, the environment will be very volatile. All this will demand the best from our teams and we have to be able to give our clients the best of us.  

Spanish version

Fernando Torrente – Allen&Overy

Fernando Torrente, con 30 años de experiencia, es uno de los abogados más reconocidos de España en fusiones y adquisiciones y en mercado de capitales tales como OPAs, salidas a bolsa, emisión y colocación de valores, OPV y OPS. Además Fernando tiene amplia experiencia en gobierno corporativo y formó parte del Grupo de abogados que asesoró a la CNMV en la elaboración del Código de Buen Gobierno de las Sociedades Cotizadas aprobado en febrero de 2015.

TTR: ¿Cómo ve el mercado de fusiones y adquisiciones después de la crisis actual? ¿Cuáles son sus principales conclusiones de 2020?

Desgraciadamente la crisis no ha terminado y muchos de sus peores efectos, los más lesivos porque afectan al empleo y a una dramática destrucción de tejido empresarial, se van a agudizar en este año 2021. No obstante, los buenos resultados obtenidos en los procesos de investigación y elaboración de las distintas vacunas – a pesar de la incapacidad que están evidenciando muchos dirigentes políticos en el diseño e implementación de los procesos de vacunación de la población que esperemos se corrija – han producido un cambio muy relevante en la percepción por empresas e inversores sobre el desarrollo de la crisis y la recuperación, que les ha llevado a tomar decisiones para buscar oportunidades de inversión, iniciar procesos de consolidación, reestructurar sus balances, segregar áreas de actividad para abrirlo a la participación de inversores, poner en venta activos no estratégicos o solicitar un salvamento de fondos públicos. Ello va a ser determinante para que el año 2021 sea, si la protección de la vacuna da la repuesta esperada, un año muy activo en el que el mercado va a ofrecer una variedad y un número de operaciones importante.

TTR: Muchas empresas españolas han asumido grandes deudas o dependen del apoyo del gobierno para mantenerse en el negocio. ¿Cómo cree que se desmoronará esta situación y cómo afectará esto al mercado de fusiones y adquisiciones?

Dependerá mucho del comportamiento del mercado y de la evolución del consumo y la recuperación empresarial. Va a haber situaciones muy difíciles en las que no va a ser posible devolver la deuda, ello implicará procesos de reestructuración y reconversión y será necesario que se adopten las medidas adecuadas desde el punto de vista político, monetario  y fiscal. Va a ser inevitable, desgraciadamente, que muchas empresas no tengan capacidad para afrontar el pago de sus deudas, y ello provocará desinversiones de activos o divisiones de negocio, operaciones de salvamento, procesos de consolidación, reestructuraciones y concursos y operaciones de distressed M&A.

TTR: Hasta noviembre, el valor total de las transacciones en España subió un 37%, según datos de TTR, mientras que el número de transacciones disminuyó un 23%. ¿Cómo interpreta esta divergencia?

Probablemente se explica por la extraordinaria situación que el mundo ha vivido en el año 2020 como consecuencia de la pandemia y la gravísima crisis que ha provocado en la que seguimos inmersos. El año 2020, sin COVID, se presentaba con ciertas incertidumbres después de años previos de gran crecimiento del mercado de M&A. Sin embargo, la paralización total de la actividad económica que se derivó del confinamiento general, tuvo el correspondiente impacto en este mercado. Solo algunas operaciones continuaron en ese periodo, las que tenían sentido estratégico y empresarial y estaban protagonizadas por actores muy fuertes económicamente. El fin de la primera ola hizo que operaciones que se habían paralizado pero que seguían teniendo sentido continuaran, de nuevo por estar protagonizadas por empresas o inversores con capacidad para afrontarlas, por su fortaleza, y por tener lugar en sectores que se han mostrado resistentes a la crisis. A la vuelta del verano hemos asistido también a operaciones de consolidación del sector bancario y se reactivó el mercado de M&A de empresas de menor tamaño que se había visto más afectado. Es lógico que en un entorno tan difícil, las oportunidades sean aprovechadas por quienes son más fuertes y disponen de mayor capacidad de inversión y que, por la muy elevada liquidez que existe en el mercado, particularmente en fondos de private equity, haya menos operaciones pero estas sean de mayor volumen.

TTR: La tecnología fue el único sector que tuvo más acuerdos este año que en 2019. ¿Cuál será el próximo motor de consolidación en este sector una vez que se haya desarrollado la ola de transformación digital

Pienso que el proceso de transformación digital que había empezado antes de la pandemia y que el COVID 19 ha acelerado de forma muy intensa, tiene todavía mucho por hacer y no me atrevo a ponerle fin. Las empresas más fuertes han hecho inversiones muy importantes para potenciar su desarrollo y van a seguir haciéndolo, combinándolo con otros elementos de inversión y desarrolllo que van a ser prioritarios como es la sostenibilidad. Pero las empresas que no han dispuesto de esa fortaleza financiera pero sobrevivan a la crisis, seguirán con los procesos de digitalizacion. El dinamismo de este sector y su papel tan determinante en la economía y en la sociedad creo que van a seguir dándole un enorme protagonismo.

TTR: Allen & Overy España ha asesorado este año en operaciones de renovables y tecnología en España. ¿Qué impulsará la consolidación en cada uno de estos sectores en 2021 y en el mediano y largo plazo?

Energía y tecnología son sectores en los que se está produciendo desde hace tiempo mucha actividad. Petroleras y eléctricas llevan tiempo emprendiendo un proceso para adaptar su negocio a la transición energética, que se ha visto intensificado en los últimos años,  especialmente en el 2020 para aquellos que no lo habían afrontado con decisión. Son sectores en continuan evolucion, en los que existe una gran capacidad de los equipos gestores y un gran interés de los inversores en sus distintas vertientes, infraestructuras, negocio principal y accesorios en los que es lógico que se produzcan procesos de consolidación mediante adquisiciones o fusiones así como la aparición de nuevos actores. 

TTR: ¿Qué papel espera que desempeñen las empresas de telecomunicaciones españolas en las fusiones y adquisiciones, a nivel nacional e internacional, en el próximo año?

Las empresas de telecomunicaciones tienen un papel extraordinariamente relevante, por su relevancia empresarial, por ser proveedores de servicios esenciales, la altísima cualificación de sus equipos, por su carácter tecnológico y ser motor en el plano de innovación y desarrollo. Hemos visto este año pasado operaciones muy relevantes, como han sido la fusión/combinación de Liberty y Telefónica UK, la Opa sobre Masmovil y las operaciones de Cellnex. Seguramente este año seguiremos viendo operaciones importantes de muy distinto tipo, por estas razones y el gran interés que despiertan entre los fondos de private equity que buscan oportunidades de inversión.

TTR: ¿Cuáles espera que sean los principales retos para los despachos de abogados que asesoran en operaciones de M&A en España durante los próximos 12 a 18 meses?

El mercado se mueve con mucha rapidez ante las oportunidades que se presentan y va a existir una variedad muy amplia de operaciones para las que los equipos de los despachos de abogados debemos estar muy preparados para dar un asesoramiento de extraordinaria calidad y respuesta. Vamos a ver convivir operaciones distress, reestructuraciones, procesos de segregación de divisiones de negocio ó ramas de actividad en los que se buscarán desinversiones totales o parciales, operaciones Public to private, fusiones que responden a procesos de consolidación sectorial, activismo accionarial, dual tracks en el que los accionistas buscarán maximizar la rentabilidad de su inversión a través de un IPO o de una operación de M&A privado. El componente internacional será muy relevante y hasta que la pandemia COVID se estabilice, el entorno va a ser muy cambiante. Todo ello va a exigir lo mejor de nuestros equipos y deberemos ser capaces de dar a nuestros clientes lo mejor de nosotros.  

Transactional Impact Monitor: Spain & Portugal – Vol. 5

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Transactional Impact Monitor: Spain & Portugal – Vol. 5

1 December 2020

TTR’s Transactional Impact Monitor (TIM) is a Special Report combining local knowledge and market visibility from top dealmakers developed to address extraordinary situations affecting the macroeconomic stability and M&A outlook in core markets

INDEX

SPAIN
– M&A Outlook
– Private Equity
– Capital Markets
– Handling the Crisis

PORTUGAL
– M&A Outlook
– Private Equity
– Capital Markets
– Handling the Crisis

– Dealmaker Profiles

SPAIN

The Spanish economy will be among the most severely affected by the global crisis that upended life across the world in 2020. Despite a moderate rebound in 3Q20, Spain’s GDP was down 8.7% compared to the same nine-month period ending a year prior, according to the International Monetary Fund (IMF). IMF economists project a 12.8% slide by year-end as federal and regional governments impose new restrictions on movement and business activities.

Spanish companies have contracted government guaranteed debt amounting to 7% of GDP to shore-up their finances, but the country’s small and medium-size enterprises (SMEs), which account for 70% of overall economic activity, remain highly vulnerable and dependent on fiscal measures to remain solvent. About 37% of the debt contracted by Spanish companies is estimated to be at risk, according to the IMF, foreshadowing impending insolvencies for many in 2021. 

“The wave of restructurings is coming,” said DLA Piper Spain Senior Partner Iñigo Gomez-Jordana. More troubling than the imminent onslaught of insolvencies, is the persistent lack of clarity where mitigation measures and their duration are concerned, however, Gomez-Jordana said. 

New restrictions should be accompanied by guidance on how long they will last so that everybody can set their expectations, he said, noting there was a broad divergence among countries of the EU on approach, with poor coordination between them. “All this just serves to foment uncertainty,” he said.

“There’s a more pessimistic climate in Spain than in neighboring markets, which is affecting the macro situation,” said Norgestión Managing Partner Igor Gorostiaga. The lack of coordination was understandable in March, but the fact that this continues almost nine months later is confounding, Gorostiaga said. 

Large companies and banks raised a lot of debt immediately after the lockdown to be solidly positioned in the face of uncertainty. The volume of senior and high yield issuances was very high, and there were plenty of investors ready to buy, Gomez-Jordana noted. Convertible debt issuances were down to a trickle, however, with few companies willing to risk equity at discounted rates amid the volatility, he said.

“I think there’s a general conviction that this situation is transitory,” said Gomez-Jordana. Of course, it’s important that the large companies that employ thousands don’t run into problems, and they need to maintain their cash reserves in an uncertain market, he added.

“Where the macro outlook is concerned, I tend to be an optimist,” said Portobello Capital Founding Partner Juan Luis Ramírez. “This crisis is better than the last, in that once it’s resolved, we’re going to return to normal more rapidly, as we have a healthy financial system,” he noted. Governments have injected historic sums into the economy, which should ultimately result in inflation to the benefit of debtors, he added.

Traditional retail, on the other hand, which was already suffering as e-commerce took at growing piece of the market, has been dealt a severe blow, Hernández noted. An acceleration of the migration online and away from brick and mortar among major retailers is a clear outcome of the current crisis, he said.

M&A Outlook
… Click here to access the fourth issue of Transactional Impact Monitor: Spain & Portugal – Vol. 5.

PORTUGAL

The Portuguese economy is projected to contract by 10% in 2020, according to the IMF, with unemployment pushing 14%. A moderate recovery with 5% GDP growth is projected in 2021, with a drop in unemployment to 8.7%. The Portuguese government’s stimulus measures aimed at supporting income, preserving employment and ensuring liquidity will amount to nearly 3% of GPD in 2020, according to Banco de Portugal’s October Bulletin, not enough to stave off its economic contraction, which outpaced most other markets of the Eurozone in 1H20.

“Currently the economic outlook is negative, but the full extent of the contraction will depend on the severity of the second wave and the measures that might be needed to control it,” said Deloitte Partner João Diogo Pinto. “If we don’t have full lockdown, we’ll be living under constrained economic conditions for the foreseeable future, and we may be heading for a third wave in 2021 as well,” Pinto said. The leisure, hospitality and retail industries have been decimated, he noted, with weak prospects for recovery in the near term.  

Restaurants are open again, but new government measures in force since mid-October limit the number of people that can congregate to five, and with many working remotely or in rotation at the office, half the customers are completely missing, noted SRS Advogados Partner Paulo Bandeira. The Portuguese government’s 2021 budget being resolved in parliament has offered a value-added tax voucher, which will allow patrons to claim back a portion of what they spend in restaurants in 1Q21 the following quarter to encourage consumption and support the sector. Restaurants are happy with the measure, but the effective benefits will only accrue to consumers from April onwards, Bandeira noted. Meanwhile, the government upped its state of alarm and mandated mask wearing in public through the end of 2020 in a new law passed in late October.

M&A Outlook
… Click here to access the fourth issue of Transactional Impact Monitor: Spain & Portugal – Vol. 5.

Transactional Impact Monitor: Spain & Portugal – Vol. 5

Informe Mensal Portugal – Novembro 2020

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Fusões e Aquisições mantêm tendência de queda com redução acumulada de 23% no ano 

No mês de novembro foram registadas 21 fusões e aquisições  

Fundos de Venture Capital realizaram um total de 54 investimentos até novembro  

Empresas dos Estados Unidos reduziram o volume de aquisições em Portugal em 64%

O mercado transacional português registou até o mês de novembro 334 transações, onde 164 delas tiveram seus valores divulgados que somam EUR 16,3bi, segundo o informe mensal do TTR – Transactional Track Record, o que representa um aumento de 36,2% do valor movimentado e uma redução de 23% no volume de negócios, em relação ao mesmo período de 2019. 

No mês de novembro foram registadas 21 fusões e aquisições entre anunciadas e concluídas, por um valor total de EUR 732,66m. Depois de uma tendência de crescimento que se manteve até setembro, houve uma reversão que atinge o ponto mínimo em novembro, com o menor volume dos últimos 12 meses.  

Os setor Imobiliário se mantêm como mais ativo do ano, com 88 transações até o fim de outubro, o que representa uma redução 7% em relaçção ao mesmo período do ano anterior. O setor de empresas de tecnologia vem logo a seguir com 43 operações, o que representa uma redução de 30%. 

Âmbito Cross-Border 

As empresas espanholas seguem como as que mais realizam aquisições de empresas portuguesas, com 34 transações registadas até novembro, tendo participado em sete negócios no setor imobiliário. As empresas com sede no Reino Unido ocupam a segunda posição com 19 aquisições  

Empresas dos Estados Unidos reduziram o volume de aquisições em Portugal em 64% entre janeiro e novembro. Da mesma forma, Fundos de Private Equity e Venture Capital estrangeiros também reduziram seus investimentos em Portugal em 17%.  

Em relação à atuação portuguesa no exterior, Espanha continua sendo o destino favorito na hora de realizar aquisições, foram 16 registadas até o fim de novembro. 

Venture Capital 

Os fundos de Venture Capital realizaram um total de 54 investimentos até novembro, volume que representa redução de 28% em relação ao mesmo período de 2019. Do total, 46 rodadas de investimentos tiveram seu valor divulgado que somam EUR 820m. O setor que mais atraiu investimentos  foi o de Tecnologia com 25 transações, redução de 38% na comparação anual. 

Transação do mês 

A transação destacada pelo TTR no mês de novembro foi a conclusão da venda realizada pela Vertix, empresa controlada pela Prisa, de 64,7% que detinha na Grupo Media Capital, pelo valor de aproximadamente EUR 36,85m. A transação contou com a assessoria em lei portuguesa dos escritórios  Garrigues Portugal, Gómez-Acebo & Pombo Portugal e VdA – Vieira de Almeida.