The year 2025 has marked a turning point for Spain’s technology sector. The acceleration of digital transformation, the exponential growth of artificial intelligence and the rising demand for data infrastructure have fuelled strong momentum in the technology sector’s mergers and acquisitions (M&A) market.
In this context, the infrastructure technology sector —which encompasses data centres, connectivity, cloud infrastructure, networking and associated technology services—has established itself as one of the most active sectors in terms of mergers and acquisitions involving technology companies in Spain.
Throughout 2025, private equity funds, industrial investors and major infrastructure operators have been at the forefront of some of the market’s most significant transactions. The result is a clear trend towards sector consolidation and the creation of technology platforms on a European scale.
At the same time, the role of advisors specialising in tech M&A has become increasingly critical in structuring complex transactions and maximising value in the process of buying or selling technology companies.
Data centres: the driving force behind tech M&A in 2025
Within the InfraTech ecosystem, the data centre sub-sector has accounted for a large proportion of investment and corporate activity.
The rise of generative artificial intelligence, the growth of cloud computing and the need for data sovereignty have driven strong demand for critical digital infrastructure, making data centres one of the most attractive assets for financial and industrial investors.
Templus’ consolidation strategy
One of the most active players in the market in 2025 has been Templus, which has developed a clear growth strategy based on acquisitions.
The company began the year by acquiring BitNAP’s data centre, a move that enabled it to strengthen its presence in the Spanish market by acquiring 100% of this technological infrastructure.
Templus subsequently announced the acquisition of nine data centres from Atlas Edge, a cross-border transaction involving assets in Spain and the Netherlands. This deal, which is expected to be finalised in the first half of 2026, consolidates Templus’s position as one of Europe’s leading emerging operators.
Beyond computing power, the strategic value of these transactions lies in the geographical location of the data centres and their proximity to the end user, a key factor in edge computing architectures.
Infinitum Connection’s expansion model
Another notable example in the InfraTech M&A market has been Infinitum Connection, which has adopted a growth model based on the acquisition of special purpose vehicles (SPVs) linked to data centre projects.
In 2025, the company acquired an 85% stake in the Proyecto Humanes SPV and subsequently an 85% stake in the Proyecto Leganés SPV, both of which were previously controlled by Chirel Energy.
This approach enables the acquisition of projects that are already developed or at an advanced stage of development, thereby reducing the risks associated with development and significantly accelerating time-to-market, a key factor in high-growth markets such as digital infrastructure.
Ferrovial and ACS enter the technology sector
One of the most interesting trends in the technology sector’s mergers and acquisitions market in 2025 has been the entry of major industrial and infrastructure groups into the digital infrastructure business.
This trend reflects an increasingly obvious reality: Data has become a critical infrastructure comparable to transport or energy networks.
Ferrovial strengthens its presence in digital infrastructure
In October 2025, Ferrovial completed the acquisition of Powernet, a company specialising in the engineering and maintenance of critical infrastructure for data centres.
The transaction enables Ferrovial to integrate key technical capabilities to participate in the development and operation of digital infrastructure, strengthening its position in a market characterised by strong structural growth.
ACS is investing in the data centre sector
For its part, ACS, through its concessions subsidiary Iridium, acquired Benbros DC in July 2025.
ACS’s entry into the data centre market confirms that investors are viewing this type of asset through the traditional lens of infrastructure concessions: assets with stable cash flows, long-term contracts and growing strategic importance in the digital economy.
Private Equity and Tech M&A: consolidation and technology platforms
Technology private equity has played a key role in the growth of the InfraTech sector in Spain during 2025.
International funds continue to identify opportunities to pursue buy-and-build strategies, consolidating medium-sized companies to create technology platforms with greater scale and competitive strength.
Infrared Capital Partners acquires NxN Datacenters
One of the most significant deals was the acquisition of NxN Datacenters by Infrared Capital Partners, which resulted in Adequita Capital exiting the shareholding structure.
The transaction, which involves international investors, confirms the growing interest among funds in tech-enabled real estate , a hybrid asset class that combines features of the property sector with digital infrastructure.
Queka Real Partners is driving the consolidation of connectivity services
Another notable transaction was the acquisition of B2com (Smartgroup) by Queka Real Partners, a deal structured as part of a buy-and-build strategy aimed at consolidating managed services and connectivity companies.
Such strategies have become one of the main drivers of technology M&A in Europe, enabling companies to become more professional and generate economies of scale.
Apax Digital enters the Spanish market
The Apax Digital fund also strengthened its presence in the Spanish market through Lutech, by acquiring a business unit from Making Science for approximately €23 million.
The transaction reflects a common trend in the sector: whilst some technology consultancies focus on their core business, investment funds are taking the opportunity to acquire specialist units, which they subsequently integrate into larger technology platforms.
Networking and connectivity are becoming the cornerstone of digital infrastructure
The growth of digital services depends directly on the quality and capacity of communication networks.
Against this backdrop, the M&A market for networking and technology distribution platforms has also seen significant activity.
One of the most significant transactions was the acquisition of Agile Content by Valle Surf, valued at over 50 million euros.
The move comes in response to the growth in digital content consumption and OTT platforms, where the ability to manage, distribute and optimise data traffic has become a key competitive factor.
Venture capital fuels the acquisition pipeline
Although the bulk of investment in InfraTech is concentrated in M&A and private equity deals, technology venture capital continues to play a key role in the development of new solutions that subsequently become acquisition targets.
CrowdStrike acquires the Spanish start-up Onum
One of the most notable examples was the acquisition of Onum by CrowdStrike.
The Spanish company, which specialises in real-time data observability, develops technology that enables the efficient management of large volumes of data – a key capability for cloud infrastructures and cybersecurity platforms.
The operation demonstrates the Spanish technology ecosystem’s ability to foster innovative companies that are attractive to major international corporations.
New investments in cloud and storage
Other notable investments included COREangels' investment in MESPAC at the early-stage phase, as well as the investment by Prosegur and other investors in Internxt, a company specialising in decentralised cloud storage.
These investments reflect the growing interest in solutions relating to data privacy, secure storage and cloud architecture–areas that are likely to generate future opportunities for the acquisition and sale of technology companies.
Joint ventures and strategic alliances in InfraTech
In addition to traditional acquisitions, 2025 has also been a year marked by the formation of strategic alliances and joint ventures in digital infrastructure projects.
One of the most notable examples has been the joint venture between Iberdrola and Echelon Data Centers Capital, which focuses on the development of large-scale data centres.
The project highlights the growing convergence between energy, technology and infrastructure, as data centres require large amounts of energy and strategic planning of the electricity supply.
Another significant partnership has been the collaboration between BlackBerry and EdgeMode to develop edge computing architecturessolutions, a key technology for processing data close to its source and reducing latency in critical applications.
Outlook for technology M&A in InfraTech by 2026
An analysis of transactions carried out in 2025 confirms that Spain is establishing itself as one of Europe’s most attractive markets for digital infrastructure.
Among the key trends likely to shape the Tech M&A market in 2026 are:
- Increased investment in data centres, driven by artificial intelligence and cloud computing
- Entry of new institutional investors and infrastructure funds
- Consolidation of local operators through buy-and-build strategies
- Development of sustainable and energy-efficient data centres (Green Data Centres)
- Greater integration between digital infrastructure and cybersecurity
Against this backdrop of strong growth, Spanish technology companies will continue to attract the interest of international investors, cementing Spain’s role as a strategic hub for digital infrastructure in Europe.
The growing complexity of operations in the InfraTech sector means that the role of specialist technology M&A advisers is becoming increasingly important.
Transactions in this sector involve technological, financial, regulatory and even energy-related aspects, which requires a thorough understanding of the market and investment dynamics.
In this context, having advisors who specialise in the sale and acquisition of technology companies enables businesses to structure competitive processes, identify strategic buyers and maximise value in sale or acquisition transactions.