COVID HAS DEEPLY IMPACTED SPANISH M&A, BUT...

…there has been a strong recovery in 2H 2020 on the back of Private Equity investing in renewable energy sector.

Private Equity ( funds have gained importance, increasing from 20 5 in 2011 to 40 9 in 2020 of the volume and accomplishing the highest number of deals in last 10 years This is a reflection of the high level of dry powder available in the market.

On the other hand, industrial companies, recorded their lowest number of transactions since 2012 with 241 deals, losing weight in favor of the PE.

By nationality cross borders investors have been more cautious in their investments in Spain, decreasing volumes by 26 %%(vs 16 of national investors).

Mid market deals 500 M), are still representing c 80 of deals in line with the whole period average

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