In this Interim report, A&M Spain analyzes the Spanish energy sector's end-of-2023 performance from an M&A perspective.
While 2023 has proven to be a tougher year than anticipated, the activity observed in the last quarter, coupled with the announcements in Q1 of 2024, portend an increase in M&A activity and a hopeful outlook for 2024.
As anticipated, renewable sources dominate as the most transacted technology, comprising 92% of total energy transactions in FY2023. Although the majority of closed transactions involved specific asset acquisitions or majority interests granting control, there have been recent transactions involving the sale of minority stakes by major industry players to secure financing for their strategic growth plans.
In summary, at A&M, we maintain an optimistic outlook for transactional activity in the sector for 2024 despite the challenges the industry must address in terms of regulation and energy management to mitigate the impact of low energy prices.
Read the full report
A&M recognized as an independent provider of Fairness Opinions in Switzerland
February 3, 2026
The recognition further strengthens A&M's corporate finance offering
La conformité comme levier de valorisation transactionnelle
January 27, 2026
Dans un contexte où les données et les actifs technologiques deviennent des moteurs clés de valorisation, la conformité ne se limite plus au respect des règles. Elle conditionne désormais la transférabilité, l’exploitabilité et in fine la valeur réelle des actifs lors d’opérations de carve-out, de joint-venture ou de M&A.
Valuation Insights in Spain 2025
January 27, 2026
We are pleased to share the December 2025 edition of Valuation Insights in Spain, a detailed analysis of key market trends and developments shaping valuation practices in Spain and Europe. This report explores topics such as EV/EBITDA multiples in M&A transactions, industry performance comparisons across the S&P Europe 350 Index, and shifts in equity investment risks.
Valuation Insights: German vs European Banks
December 19, 2025
The latest edition of A&M Valuation Insights – German vs. European Banks reveals a favorable turn in market dynamics: rate cuts and resilient stress test outcomes are lifting bank equities, compressing the cost of capital, and pushing price-to-book multiples to record levels.
