“We see major investors – international players – looking very closely at the Iberian market”

SÉRVULO IN THE PRESS 09 Jun 2026 in Eco| Advocatus

In an interview with ECO, Pedro Silveira Borges, partner at SÉRVULO, in the Commercial, Corporate and M&A department, highlights the current dynamism of the Portuguese market, in a context where several significant transactions are taking place simultaneously, including the privatisation of TAP, the sale of Indaqua and Logoplaste, the potential IPO of Fidelidade, and changes to the shareholding structure of BCP. This context coincides with the review of European merger rules, currently under discussion as part of a public consultation led by the European Commission.

Pedro Silveira Borges, notes that there is “some temporal coincidence” between these transactions, but also a “cycle convergence”, linked to factors such as the stabilisation of interest rates, well-capitalised banks and the liquidity available in the market. He further emphasises the growing interest of international investors in the Iberian market, stating that “we see major investors — international players — looking very closely at the Iberian market and seeking entry opportunities”.

In his view, geostrategy emerges as a key factor, acting both as a constraint and a driver of these operations. Despite the volatility associated with geopolitical tensions, liquidity remains in the market, and megadeals tend to focus on high-quality assets with the capacity to generate relatively predictable returns, making them particularly attractive in a context of increased global uncertainty.

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