Portuguese companies discover the power of M&A and go on an aggressive shopping spree.

For decades, the mergers and acquisitions market in Portugal was defined by asymmetry. Domestic companies—including banks, telecommunications operators, industrial firms, and retailers—were prime targets for foreign investors. Capital would flow in, consolidate the market, and often exit with the highest-value assets. By 2025 and the first half of 2026, the script had changed. Portuguese groups began competing on equal footing for high-quality international assets featuring proprietary technologies, globally significant patents, and strategic positions in both mature and high-growth markets.

The data confirms this reversal. In 2025, Portuguese outbound activity remained robust, involving hundreds of transactions and an aggregate value in the billions of euros. Spain remained the primary destination, followed by the United States and Brazil. In the first quarter of 2026 alone, Portuguese companies recorded dozens of overseas acquisitions across sectors ranging from digital health and automotive to energy, construction, and specialty retail. What was once an exception—a Portuguese group vying for a hotly contested asset abroad—is becoming a trend.