Rita Albuquerque sees a more mature M&A market, not one in decline
The decline in the number of mergers and acquisitions completed in Portugal during the first half of the year is not a sign of contraction, but rather of a market undergoing transformation, according to Rita Albuquerque. Transactions are now larger, more complex and led by increasingly selective investors. “The lower number of transactions does not reflect a downturn, but rather a qualitative reconfiguration, with greater concentration on larger-scale deals,” she told Jornal de Negócios.
The professional partner at Abreu Advogados also highlights the stronger momentum in private equity and venture capital transactions, which she considers a reflection of a “more mature and demanding” market. This evolution is making negotiations more intensive and sophisticated. Against an uncertain economic and geopolitical backdrop, buyers and sellers are seeking more creative solutions, increasingly relying on price adjustment mechanisms, earn-out clauses and contingency coverage.
“Negotiations have become more intensive and demanding, as the parties seek to find more creative solutions,” Rita Albuquerque notes. At the same time, increasing scrutiny of merger control is requiring parties to prepare transactions further in advance and with greater care, particularly when structuring agreements.
Looking ahead to the second half of the year, she sees grounds for cautious optimism. Capital already committed by major institutional investors and private equity funds needs to be deployed, she explains, and the current environment offers the right conditions for this to happen — albeit with the selectivity and rigour these investors demand.
Rita Albuquerque’s outlook therefore points to a Portuguese M&A market with fewer transactions, but larger and more sophisticated deals, supported by increasingly rigorous risk analysis.
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