{"id":68943,"date":"2026-01-07T14:56:15","date_gmt":"2026-01-07T13:56:15","guid":{"rendered":"https:\/\/techma.bakertilly.es\/?p=68943"},"modified":"2026-01-13T16:03:24","modified_gmt":"2026-01-13T15:03:24","slug":"mergers-and-acquisitions-spain-december-2025","status":"publish","type":"post","link":"https:\/\/techma.bakertilly.es\/en\/fusiones-y-adquisiciones-espana-diciembre-2025\/","title":{"rendered":"Technology mergers and acquisitions in Spain | Analysis December 2025"},"content":{"rendered":"<p class=\"translation-block\">December 2025 closed a decisive year for the Spanish technology market, marked by a shift in focus toward <strong>industrial construction<\/strong>, scalability, and control of critical assets. <strong>Technology mergers and acquisitions in Spain<\/strong> maintained a clear trend: fewer speculative bets and greater operational discipline, with particularly strong activity in telecommunications, data centers, and technology services.<\/p>\n\n\n\n<p>Throughout the month, corporate movements reflected three dominant patterns:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\"><strong>Shareholding reorganization<\/strong> in telecommunications.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Pan-European growth<\/strong> in digital infrastructure.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Strategic acquisitions<\/strong> in technology services and industrial software.<\/li>\n<\/ul>\n\n\n\n<p>En este entorno, la actividad de <strong>M&amp;A in Spain<\/strong> consolid\u00f3 el protagonismo del capital privado y confirm\u00f3 que el mercado entra en una fase de madurez donde la escala, los datos y la conectividad marcan la diferencia competitiva.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Diciembre_un_mes_de_%E2%80%9Ccierre_de_ciclos%E2%80%9D_en_el_mercado_M_A_tecnologico\"><\/span><strong>December : a month of \u201cclosing cycles\u201d in the technology M&amp;A market<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p class=\"translation-block\">Throughout 2025, a pattern of <strong>defensive mergers and acquisitions<\/strong> was already evident, with deals aimed at strengthening margins, securing talent, and expanding installed capacity. Digital infrastructure \u2014data centers, cybersecurity, managed services\u2014 consolidated as one of the major investment theses, while <em><strong>buy-and-build<\/strong><\/em> models continued to drive the acquisition of companies in fragmented sectors.<\/p>\n\n\n\n<p>In December, these trends converge:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">More <strong>corporate control<\/strong> in telecommunications.<\/li>\n\n\n\n<li class=\"translation-block\">More pan-European operations in <strong>data centers<\/strong>.<\/li>\n\n\n\n<li class=\"translation-block\">More carve-outs and strategic divestitures.<\/li>\n<\/ul>\n\n\n\n<p class=\"translation-block\">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.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Operaciones_de_M_A_mas_destacadas_en_diciembre_de_2025\"><\/span>Most notable M&amp;A transactions in December 2025<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Orange_avanza_hacia_el_control_total_de_MasOrange_4250_ME\"><\/span><strong>Orange moves towards full control of MasOrange (\u20ac4.25 billion)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p class=\"translation-block\"><strong>The biggest deal of the month<\/strong> was Orange's agreement to acquire the remaining 50% of MasOrange from the vehicle controlled by private equity funds.<\/p>\n\n\n\n<p><strong>Buyer's objectives<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Shareholder simplification and operational control in a market that demands commercial discipline and execution.<\/li>\n\n\n\n<li>Full capture of synergies and greater capacity to prioritize strategic investments.<\/li>\n<\/ul>\n\n\n\n<p><strong>Value contributed by the acquirer<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Critical scale in Spain and a solid portfolio of connectivity, data, and digital services. A platform where the \u201cproduct\u201d is not just connectivity: it is also convergence, data, and digital services leveraged on infrastructure.<\/li>\n<\/ul>\n\n\n\n<p><strong>Market analysis<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>A consistent pattern is reaffirmed in 2025: telecommunications are consolidated through control operations and orderly exits by financial investors.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Ardian_adquiere_Fermax_%E2%89%88220_ME_tecnologia_fisica_conectada_expansion_internacional\"><\/span><strong>Ardian acquires Fermax (\u2248\u20ac220 million): connected physical technology + international expansion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The company acquires a national leader in electronic door entry systems and access control to turn it into a global platform.<\/p>\n\n\n\n<p><strong>Buyer's goal<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Professionalize international expansion and accelerate product development.<\/li>\n\n\n\n<li>Integrate hardware, digital services, and recurring revenue models.<\/li>\n<\/ul>\n\n\n\n<p><strong>Value provided by Fermax<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Well-established brand, distribution network, and large installed base.<\/li>\n<\/ul>\n\n\n\n<p><strong>Market analysis<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">It shows an appetite for industrial-technological assets with a tangible competitive advantage (product and channel) and potential for digitalization.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Templus_compra_nueve_centros_de_datos_de_AtlasEdge_expansion_paneuropea_inmediata\"><\/span><strong>Templus acquires nine AtlasEdge data centers: immediate pan-European expansion<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The ICG-backed platform runs one of the most significant digital infrastructure operations.<\/p>\n\n\n\n<p><strong>Buyer's goal<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Grow on a pan-European scale without waiting for organic developments.<\/li>\n\n\n\n<li>Capitalize on the structural demand for cloud, AI, and low latency.<\/li>\n<\/ul>\n\n\n\n<p><strong>Value of acquired assets<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Core locations and installed capacity, critical elements in data centers.<\/li>\n<\/ul>\n\n\n\n<p><strong>Market analysis<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\">December confirms what had already been observed: <strong>digital infrastructure as an investment focus<\/strong> (not just \u201ctech\u201d), with private equity building regional champions.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"InfraRed_Capital_Partners_toma_el_control_de_NxN_Datacenters_Valencia\"><\/span><strong>InfraRed Capital Partners takes control of NxN Datacenters (Valencia)<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>InfraRed is pursuing a capital-intensive growth strategy and retains Adequita as a minority partner.<\/p>\n\n\n\n<p><strong>Strategic focus<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Scale capacity and accelerate deployments in an expanding market.<\/li>\n\n\n\n<li>Governance and investment discipline for an increasingly competitive industry.<\/li>\n<\/ul>\n\n\n\n<p><strong>Value contributed by the acquirer<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Local platform with pipeline, regulatory knowledge, and positioning in an increasingly competitive market.<\/li>\n\n\n\n<li>The permanence of a minority partner suggests alignment to execute growth with continuity.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Nordic_Capital_adquiere_el_negocio_global_de_FRR_Reporting_de_Wolters_Kluwer\"><\/span><strong>Nordic Capital acquires Wolters Kluwer's global FRR Reporting business<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A global operation affecting the Spain\u2013Portugal perimeter and fitting in with the classic regulatory software thesis.<\/p>\n\n\n\n<p><strong>Strategic motivation<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Resilient revenues, high criticality, and a market with very high switching costs.<\/li>\n<\/ul>\n\n\n\n<p><strong>Value contributed by the acquired business<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>High loyalty and switching costs among financial customers, where operational continuity outweighs incremental innovation.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Culture_Cap7_Fund_I_compra_Onza_plataforma_audiovisual_con_logica_de_consolidacion\"><\/span><strong>Culture Cap7 Fund I acquires Onza: audiovisual platform with consolidation logic<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The fund managed by Blackpearl acquires Onza to create an audiovisual hub through a buy-and-build strategy.<\/p>\n\n\n\n<p><strong>Buyer's goal<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Integrate production companies and gain scale in a fragmented sector.<\/li>\n\n\n\n<li>Professionalize growth and increase international operating capacity.<\/li>\n<\/ul>\n\n\n\n<p><strong>Provided value<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Production and positioning capabilities to serve as a \u201cplatform\u201d (brand, team, track record) on which to integrate future assets.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Servicios_tecnologicos_y_software_el_%E2%80%9Cmid-market%E2%80%9D_se_industrializa\"><\/span><strong>Technology services and software: the mid-market becomes industrialized<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Teknei_adquiere_Indra_BPO_966_ME_un_carve-out_orientado_a_escala_y_eficiencia\"><\/span><strong>Teknei acquires Indra BPO (\u20ac96.6 million): a carve-out focused on scale and efficiency<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Teknei has more than 5,000 professionals and an international presence, strengthening its operational capacity.<\/p>\n\n\n\n<p><strong>Key points of the operation<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Immediate scaling and strengthening of the value proposition.<\/li>\n\n\n\n<li>Typical carve-out opportunity: commercial focus and margin improvement.<\/li>\n<\/ul>\n\n\n\n<p><strong>Value provided by Indra BPo<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Critical mass of talent, portfolio, and multinational operations.<\/li>\n\n\n\n<li>In carve-outs, the value usually lies in \u201cmaking independent\u201d an asset that was not a priority within a large group: greater commercial and operational focus can improve margins.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Hiberus_compra_negocios_de_Telefonica_Tech_en_LatAm_expansion_regional_apoyada_en_alianza_estrategica\"><\/span><strong>Hiberus acquires Telef\u00f3nica Tech's businesses in Latin America: regional expansion supported by strategic alliance<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>The operation covers Colombia, Mexico, and Chile.<\/p>\n\n\n\n<p><strong>Buyer motivation<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Consolidate presence in Latin America with equipment, contracts, and operations already in place.<\/li>\n<\/ul>\n\n\n\n<p><strong>Value of the acquired asset<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Skills in cybersecurity, cloud computing, data, and artificial intelligence.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Proalpha_adquiere_Mapex_%E2%89%8845_ME_software_industrial_para_fabricas_inteligentes\"><\/span><strong>Proalpha acquires Mapex (\u2248\u20ac45 million): industrial software for smart factories<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>A transaction that strengthens the buyer's industrial stack.<\/p>\n\n\n\n<p><strong>Strategic goals<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Complete the suite of industrial solutions.<\/li>\n\n\n\n<li>Accelerate penetration into European mid-market customers.<\/li>\n<\/ul>\n\n\n\n<p><strong>Value contributed by the acquirer<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Product geared toward industrial operation and technology roadmap already validated.<\/li>\n\n\n\n<li>Business fit: the buyer can contribute channel, installed base, and geographic expansion.<\/li>\n<\/ul>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"ECIJA_integra_Nimerya_convergencia_entre_legal_y_datos\"><\/span><strong>ECIJA integrates Nimerya: convergence between legal and data<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>ECIJA brings Nimerya on board to offer integrated legal and technological solutions.<\/p>\n\n\n\n<p><strong>Estrategia principal<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Capturing demand in privacy, compliance, and digital transformation.<\/li>\n\n\n\n<li>Offering \u201cdata-driven\u201d services from a well-established legal entity.<\/li>\n<\/ul>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Infraestructura_y_telecomunicaciones_%E2%80%9Cmid-market%E2%80%9D_movimientos_tacticos_de_alto_valor\"><\/span><strong>Mid-market infrastructure and telecommunications: high-value tactical moves<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>In addition to the major deals, December saw several notable transactions for the ecosystem:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\"><strong>Parlem acquires Fibracat<\/strong>: regional consolidation in telecommunications.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Infinitum Connection Data acquires 85% of Proyecto Legan\u00e9s<\/strong>: a bet on expanding data centers.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Divisadero Capital acquires VisualCounter<\/strong>: growing interest in flow analytics for retail, transportation, and smart cities.<\/li>\n<\/ul>\n\n\n\n<p class=\"translation-block\">These types of moves form the foundation of an <strong>investable<\/strong> market, with active consolidators and recurring transactions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Capital_riesgo_actividad_sostenida_en_verticales_de_alto_crecimiento\"><\/span><strong>Venture capital: sustained activity in high-growth verticals<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Aunque diciembre estuvo dominado por operaciones de <strong>mergers and acquisitions<\/strong>, el capital riesgo aport\u00f3 se\u00f1ales relevantes:<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li class=\"translation-block\"><strong>Vertical software and applied data<\/strong>: Adcities, ScrapAd, Cropi, Algori.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Cybersecurity<\/strong>: Zynap and NNEAT.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Fintech infrastructure<\/strong>: Flinket.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Hotel technology<\/strong>: Paraty Tech and other verticals.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Exception by size<\/strong>: Titan OS, with a notable funding round in television software.<\/li>\n<\/ul>\n\n\n\n<p>The pattern remains the same: rounds are concentrated in verticals where Spain has the capacity to generate exportable products.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Las_tres_actividades_que_marcaran_la_actividad_M_A_en_2026\"><\/span><strong>The three activities that will shape M&amp;A activity in 2026<\/strong><span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<ol class=\"wp-block-list\">\n<li class=\"translation-block\"><strong>Digital infrastructure as a strategic asset<\/strong><br>Data centers and connectivity will continue to attract capital due to their enabling role in AI, cloud, and data.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Private equity operating in platform mode<\/strong><br>Buy-and-build strategies will continue to drive <strong>company acquisitions<\/strong> and <strong>investor search<\/strong>, especially in audiovisuals, data centers, and software.<\/li>\n\n\n\n<li class=\"translation-block\"><strong>Industrialization of the technology mid-market<\/strong><br>Deals such as Teknei\u2013Indra BPO or Hiberus\u2013Telef\u00f3nica Tech show that scale, talent, and portfolio matter more than the narrative.<br>For 2026, this points to more carve-outs, strategic acquisitions, and cross-border transactions.<\/li>\n<\/ol>\n\n\n\n<p class=\"translation-block\">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 <strong>technology M&amp;A advisors<\/strong> combines deep sector knowledge, financial <em>expertise<\/em>, and solid transactional experience in <strong><a href=\"https:\/\/techma.bakertilly.es\/en\/acquiere-a-company-2\/\" target=\"_blank\" rel=\"noreferrer noopener\">company acquisitions<\/a><\/strong>, technology company sales, and <strong><a href=\"https:\/\/techma.bakertilly.es\/en\/investor-seeking-and-capital-raising\/\" target=\"_blank\" rel=\"noreferrer noopener\">investor search<\/a><\/strong>. We support our clients at every stage \u2014from initial strategy to post-integration\u2014 ensuring a rigorous approach, orderly execution, and value maximization in highly competitive environments.<\/p>","protected":false},"excerpt":{"rendered":"<p>Diciembre de 2025 cerr\u00f3 un a\u00f1o decisivo para el mercado tecnol\u00f3gico espa\u00f1ol, marcado por un cambio de enfoque hacia la construcci\u00f3n industrial, la escalabilidad y el control de activos cr\u00edticos. Las fusiones y adquisiciones tecnol\u00f3gicas en Espa\u00f1a mantuvieron una tendencia clara: menos apuestas especulativas y mayor disciplina operativa, con especial actividad en telecomunicaciones, centros de [&hellip;]<\/p>\n","protected":false},"author":4,"featured_media":68956,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_et_pb_use_builder":"off","_et_pb_old_content":"","_et_gb_content_width":"","footnotes":""},"categories":[222],"tags":[],"sectores":[],"tipo-contenido":[2260],"class_list":["post-68943","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-adquisiciones","tipo-contenido-noticias"],"acf":[],"_links":{"self":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/68943","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/users\/4"}],"replies":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/comments?post=68943"}],"version-history":[{"count":3,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/68943\/revisions"}],"predecessor-version":[{"id":68958,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/posts\/68943\/revisions\/68958"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media\/68956"}],"wp:attachment":[{"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/media?parent=68943"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/categories?post=68943"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tags?post=68943"},{"taxonomy":"sectores","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/sectores?post=68943"},{"taxonomy":"tipo-contenido","embeddable":true,"href":"https:\/\/techma.bakertilly.es\/en\/wp-json\/wp\/v2\/tipo-contenido?post=68943"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}