December 2025 closed a decisive year for the Spanish technology market, marked by a shift in focus toward industrial construction, scalability, and control of critical assets. Technology mergers and acquisitions in Spain maintained a clear trend: fewer speculative bets and greater operational discipline, with particularly strong activity in telecommunications, data centers, and technology services.
Throughout the month, corporate movements reflected three dominant patterns:
- Shareholding reorganization in telecommunications.
- Pan-European growth in digital infrastructure.
- Strategic acquisitions in technology services and industrial software.
En este entorno, la actividad de M&A in Spain consolidó el protagonismo del capital privado y confirmó que el mercado entra en una fase de madurez donde la escala, los datos y la conectividad marcan la diferencia competitiva.
December : a month of “closing cycles” in the technology M&A market
Throughout 2025, a pattern of defensive mergers and acquisitions was already evident, with deals aimed at strengthening margins, securing talent, and expanding installed capacity. Digital infrastructure —data centers, cybersecurity, managed services— consolidated as one of the major investment theses, while buy-and-build models continued to drive the acquisition of companies in fragmented sectors.
In December, these trends converge:
- More corporate control in telecommunications.
- More pan-European operations in data centers.
- More carve-outs and strategic divestitures.
For investors and companies in the process of acquiring businesses, selling business units, or seeking investors, December provides a very accurate snapshot of the year-end.
Most notable M&A transactions in December 2025
Orange moves towards full control of MasOrange (€4.25 billion)
The biggest deal of the month was Orange's agreement to acquire the remaining 50% of MasOrange from the vehicle controlled by private equity funds.
Buyer's objectives
- Shareholder simplification and operational control in a market that demands commercial discipline and execution.
- Full capture of synergies and greater capacity to prioritize strategic investments.
Value contributed by the acquirer
- Critical scale in Spain and a solid portfolio of connectivity, data, and digital services. A platform where the “product” is not just connectivity: it is also convergence, data, and digital services leveraged on infrastructure.
Market analysis
- A consistent pattern is reaffirmed in 2025: telecommunications are consolidated through control operations and orderly exits by financial investors.
Ardian acquires Fermax (≈€220 million): connected physical technology + international expansion
The company acquires a national leader in electronic door entry systems and access control to turn it into a global platform.
Buyer's goal
- Professionalize international expansion and accelerate product development.
- Integrate hardware, digital services, and recurring revenue models.
Value provided by Fermax
- Well-established brand, distribution network, and large installed base.
Market analysis
- It shows an appetite for industrial-technological assets with a tangible competitive advantage (product and channel) and potential for digitalization.
Templus acquires nine AtlasEdge data centers: immediate pan-European expansion
The ICG-backed platform runs one of the most significant digital infrastructure operations.
Buyer's goal
- Grow on a pan-European scale without waiting for organic developments.
- Capitalize on the structural demand for cloud, AI, and low latency.
Value of acquired assets
- Core locations and installed capacity, critical elements in data centers.
Market analysis
- December confirms what had already been observed: digital infrastructure as an investment focus (not just “tech”), with private equity building regional champions.
InfraRed Capital Partners takes control of NxN Datacenters (Valencia)
InfraRed is pursuing a capital-intensive growth strategy and retains Adequita as a minority partner.
Strategic focus
- Scale capacity and accelerate deployments in an expanding market.
- Governance and investment discipline for an increasingly competitive industry.
Value contributed by the acquirer
- Local platform with pipeline, regulatory knowledge, and positioning in an increasingly competitive market.
- The permanence of a minority partner suggests alignment to execute growth with continuity.
Nordic Capital acquires Wolters Kluwer's global FRR Reporting business
A global operation affecting the Spain–Portugal perimeter and fitting in with the classic regulatory software thesis.
Strategic motivation
- Resilient revenues, high criticality, and a market with very high switching costs.
Value contributed by the acquired business
- High loyalty and switching costs among financial customers, where operational continuity outweighs incremental innovation.
Culture Cap7 Fund I acquires Onza: audiovisual platform with consolidation logic
The fund managed by Blackpearl acquires Onza to create an audiovisual hub through a buy-and-build strategy.
Buyer's goal
- Integrate production companies and gain scale in a fragmented sector.
- Professionalize growth and increase international operating capacity.
Provided value
- Production and positioning capabilities to serve as a “platform” (brand, team, track record) on which to integrate future assets.
Technology services and software: the mid-market becomes industrialized
Teknei acquires Indra BPO (€96.6 million): a carve-out focused on scale and efficiency
Teknei has more than 5,000 professionals and an international presence, strengthening its operational capacity.
Key points of the operation
- Immediate scaling and strengthening of the value proposition.
- Typical carve-out opportunity: commercial focus and margin improvement.
Value provided by Indra BPo
- Critical mass of talent, portfolio, and multinational operations.
- In carve-outs, the value usually lies in “making independent” an asset that was not a priority within a large group: greater commercial and operational focus can improve margins.
Hiberus acquires Telefónica Tech's businesses in Latin America: regional expansion supported by strategic alliance
The operation covers Colombia, Mexico, and Chile.
Buyer motivation
- Consolidate presence in Latin America with equipment, contracts, and operations already in place.
Value of the acquired asset
- Skills in cybersecurity, cloud computing, data, and artificial intelligence.
Proalpha acquires Mapex (≈€45 million): industrial software for smart factories
A transaction that strengthens the buyer's industrial stack.
Strategic goals
- Complete the suite of industrial solutions.
- Accelerate penetration into European mid-market customers.
Value contributed by the acquirer
- Product geared toward industrial operation and technology roadmap already validated.
- Business fit: the buyer can contribute channel, installed base, and geographic expansion.
ECIJA integrates Nimerya: convergence between legal and data
ECIJA brings Nimerya on board to offer integrated legal and technological solutions.
Estrategia principal
- Capturing demand in privacy, compliance, and digital transformation.
- Offering “data-driven” services from a well-established legal entity.
Mid-market infrastructure and telecommunications: high-value tactical moves
In addition to the major deals, December saw several notable transactions for the ecosystem:
- Parlem acquires Fibracat: regional consolidation in telecommunications.
- Infinitum Connection Data acquires 85% of Proyecto Leganés: a bet on expanding data centers.
- Divisadero Capital acquires VisualCounter: growing interest in flow analytics for retail, transportation, and smart cities.
These types of moves form the foundation of an investable market, with active consolidators and recurring transactions.
Venture capital: sustained activity in high-growth verticals
Aunque diciembre estuvo dominado por operaciones de compraventa de empresas, el capital riesgo aportó señales relevantes:
- Vertical software and applied data: Adcities, ScrapAd, Cropi, Algori.
- Cybersecurity: Zynap and NNEAT.
- Fintech infrastructure: Flinket.
- Hotel technology: Paraty Tech and other verticals.
- Exception by size: Titan OS, with a notable funding round in television software.
The pattern remains the same: rounds are concentrated in verticals where Spain has the capacity to generate exportable products.
The three activities that will shape M&A activity in 2026
- Digital infrastructure as a strategic asset
Data centers and connectivity will continue to attract capital due to their enabling role in AI, cloud, and data. - Private equity operating in platform mode
Buy-and-build strategies will continue to drive company acquisitions and investor search, especially in audiovisuals, data centers, and software. - Industrialization of the technology mid-market
Deals such as Teknei–Indra BPO or Hiberus–Telefónica Tech show that scale, talent, and portfolio matter more than the narrative.
For 2026, this points to more carve-outs, strategic acquisitions, and cross-border transactions.
In this context of growing sophistication, having a specialized advisor makes a real difference in the outcome of each transaction. At Baker Tilly, our team of technology M&A advisors combines deep sector knowledge, financial expertise, and solid transactional experience in company acquisitions, technology company sales, and investor search. We support our clients at every stage —from initial strategy to post-integration— ensuring a rigorous approach, orderly execution, and value maximization in highly competitive environments.