M&A transactions
M&A Transactions in Portugal in Q1 2026
The M&A market in Portugal recorded 40 transactions in the first quarter of 2026, showing greater dynamism in…
Everything you need to know about mergers and acquisitions (M&A) in Portugal, whether you're involved in a sale, purchase, or merger process. Specialist advisory for buyers and sellers from Omnium Advisory Partners.
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M&A — Mergers & Acquisitions — refers to the set of strategic operations through which companies merge, acquire, or sell assets or ownership stakes in their business.
A merger occurs when two or more companies combine to form a single entity. An acquisition means that one company takes majority or full control of another, which may retain its legal identity. Together, these operations represent one of the most powerful instruments for business growth and transformation.
A well-structured mergers and acquisitions deal can be the most transformative moment in a company's life — whether to grow, expand internationally, or monetise decades of work.
In Portugal, the M&A market has seen significant growth, driven by an increase in the number and capitalisation of domestic investment funds, as well as growing interest from international investors in mid-sized Portuguese companies.
The complexity of these processes — legal, tax, financial and strategic — demands specialist and independent advisory capable of protecting the interests of the seller or buyer at every stage of the deal.
One company absorbs another, which ceases to exist legally. Assets and liabilities are integrated into the acquiring company.
Purchase of a company's share capital, which may be majority (control) or minority (strategic participation).
The buyer acquires only specific assets, without necessarily assuming the liabilities of the selling company.
From M&A sell-side to buy-side to strategic mergers, each operation has distinct characteristics, risks and objectives.
Advisory to the buyer in identifying, evaluating and acquiring target companies. Covers everything from acquisition strategy to negotiation and closing.
Advisory to the seller in the disposal process. Includes preparation of materials, investor outreach and negotiation management.
Advisory to the seller in fundraising processes. Includes process preparation, investor outreach and negotiation.
Combination of complementary companies to create operational synergies, strengthen market share or accelerate internationalisation. Includes valuation of both companies and negotiation management.
Acquisition operations led by the management team, commonly supported by a financial partner. Includes support in raising funds to finance the acquisition.
Acquisition using a significant amount of debt to finance the purchase. Includes support in debt structuring.
A well-structured M&A process is fundamental to maximising the probability of a successful transaction and minimising risks for all parties.
Review of the company's historical information. Preparation or review of the business plan. Determination of company value based on sector multiples and DCF analysis.
4–6 weeksPreparation of the Teaser (anonymous and confidential company presentation) and the Information Memorandum (detailed presentation including market and company analysis, historical and projected financial performance).
2–4 weeksDefinition of market approach. Identification and selection of investors to be included in the process. Each buyer signs a Non-Disclosure Agreement (NDA) before receiving any information.
4–6 weeksManagement and negotiation of indicative offers received, comparative analysis and selection of buyers to proceed to due diligence — based on price, offer structure, credibility and strategic fit.
2–3 weeksSupport in preparing the virtual data room. Coordination of financial, legal, tax and operational due diligence by selected buyers. Omnium manages the entire Q&A process and ensures efficient use of management time at this stage.
6–10 weeksAssessment of binding offers. Support in negotiating the share purchase agreement and shareholders' agreement (if applicable).
6–12 weeksClarification of acquisition objectives, target company profile (sector, size, geography, business model) and selection criteria. Definition of available financial envelope and preferred transaction structure.
1 weekSystematic mapping of potential targets in Portugal, including companies not publicly for sale. Selection of companies together with the client and confidential, structured approach to each target — including an initial exploratory meeting.
4–8 weeksAnalysis of shared financial statements, EBITDA normalisation and application of valuation methodologies to determine fair value range.
2–4 weeksStructuring, submission and negotiation of the indicative offer with the proposed valuation, transaction structure and relevant conditions.
1–2 weeksCoordination of due diligence across all areas. Identification and quantification of risks that may justify price adjustments or protective clauses in the purchase agreement.
6–10 weeksStructuring of the final binding offer and support in negotiating and coordinating execution of the share purchase agreement and shareholders' agreement (if applicable).
6–12 weeksA company's valuation in an M&A transaction is influenced by multiple financial, strategic and market factors:
Organic growth potential and expansion opportunities are key factors in strategic valuation.
EBITDA and its historical evolution are the primary reference for applying market multiples to valuation.
EBITDA-to-cash conversion is one of the most explanatory factors behind differences in market multiples across sectors and companies.
Market share, barriers to entry and contract quality significantly affect the acquisition premium by reducing the risk of future earnings.
Brands, patents, proprietary technology and differentiating know-how are high-value intangible assets in M&A.
Buyers place a premium on experienced teams that are independent of the founder and ensure post-transaction continuity.
Quality of fixed assets and capacity for growth within current facilities.
The value a buyer extracts from cost and revenue synergies may justify a premium above intrinsic value.
Due diligence is the in-depth verification process that precedes the closing of any transaction. Its goal is to identify risks and underpin the value of the offer.
Analysis of historical financial statements, earnings quality, working capital, debt and potential adjustments to normalised EBITDA.
Review of relevant contracts, shareholder structure, pending litigation, intellectual property, real estate and regulatory compliance.
Analysis of historical and current tax position, tax contingencies and optimisation of the transaction structure from a tax perspective.
Independent validation of the market, competitive positioning, quality of the customer base and sustainability of growth prospects.
Assessment of processes, IT systems, supply chain and key dependencies on people or customers.
A well-prepared company can reduce the risk of price adjustments and accelerate the time to closing. Key documents include:
Articles, guides and market analysis for entrepreneurs and investors in Portugal.
The M&A market in Portugal recorded 40 transactions in the first quarter of 2026, showing greater dynamism in…
The Portuguese M&A market recorded 45 transactions in the fourth quarter of 2025, with a strong activity in…
The M&A market in Portugal recorded 46 transactions in the third quarter of 2025, 10 more than in…
Even well-intentioned processes can fail for avoidable reasons. Knowing the most common mistakes is the first step to preventing them.
Price expectations misaligned with the market drive away serious buyers and prolong the process, wearing down the organisation.
Incomplete financial information generates distrust and can lead to significant price adjustments during due diligence.
Prematurely disclosing the intention to sell to employees, clients or suppliers can destabilise the business and jeopardise the transaction.
Negotiating exclusively with one potential buyer eliminates competitive pressure and reduces the seller's negotiating power.
Attempting to run the process without specialist advisory is one of the most costly mistakes — in value, time and emotional stress for the entrepreneur.
Ignoring earn-out clauses, warranty periods and post-transaction integration can have significant financial consequences.
Omnium Advisory Partners is an independent financial advisory boutique specialising in M&A, with a proven track record in Portugal.
We manage the entire sale process, from materials preparation to closing, optimising transaction terms and ensuring confidentiality at every stage.
Book a meetingWe support buyers in identifying and evaluating targets, structuring offers and negotiating, increasing the probability of a successful transaction.
Book a meetingWe produce independent valuation reports based on market methodologies, essential for M&A processes, legal disputes or strategic decisions.
Book a meetingDiscover some of the merger and acquisition processes in which Omnium has advised domestic and international clients.
Omnium advised Globalcold's shareholders on the disposal of a majority stake to the international group Sysclef.
Advisory to Media Capital on the disposal of its radio group (Rádio Comercial, M80, Cidade FM) to Bauer Media and financial debt restructuring.
Omnium advised Pluris Investments on the acquisition of a 30.22% stake in Media Capital, Portugal's largest media group.
Answers to the most common questions from entrepreneurs and investors about merger and acquisition processes in Portugal.
M&A operations are strategic transactions through which companies combine, acquire or dispose of stakes or assets. In a merger, two companies unite into a single entity; in an acquisition, one company gains majority or full control of another. They are fundamental instruments for business growth, internationalisation and restructuring.
A complete M&A process typically takes between 6 to 18 months, depending on the complexity of the company, the number of parties involved and regulatory approval. A well-structured sell-side process can be completed in 6 to 9 months.
Company valuation for sale combines multiple methodologies: EBITDA multiples (market and transaction comparables), discounted cash flows (DCF) and, in some cases, asset-based methods. The final value also depends on the buyer universe and the level of competition in the process.
An earn-out is a variable component of the acquisition price, paid conditionally to the seller if the company achieves certain performance targets after closing. It is commonly used when there is a divergence between buyer and seller regarding the company’s value or future business prospects.
In sell-side M&A, the financial advisor represents the seller — prepares marketing materials, contacts potential buyers and manages the sale process to maximise value. In buy-side, the advisor represents the buyer — identifies targets, analyses value and negotiates the acquisition on behalf of the acquirer.
Confidentiality is managed through anonymous initial outreach via a teaser, NDA signing before sharing detailed information, and careful management of the virtual data room. A good M&A advisor ensures that only qualified buyers access sensitive information, and that employees, clients and suppliers are not prematurely aware of the process.
Speak with our team in a confidential, no-commitment conversation. Omnium is available to analyse your case and present the best options to maximise the value of your business.
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