Executive Summary
The year 2021 was one of recovery: the Spanish GDP grew **5.1%**, a positive figure but insufficient to offset the 10.8% decline recorded in 2020. This partial recovery was conditioned by the pace of vaccination — Spain reached 80% of the population fully vaccinated in September — the gradual reopening of international mobility and the arrival of the first funds from the **NextGenerationEU** programme.
At BMC, 2021 marked an inflection point in demand for strategic services. Clients needed not only to recover, but to reposition themselves in a competitive environment that had structurally changed. Digitalisation, sustainability and supply chain resilience consolidated as the strategic agenda pillars of mid-sized and large companies.
Key Highlights
The M&A market experienced a spectacular reactivation, with 487 deals closed — substantially exceeding 2020 levels and even surpassing 2019. The combination of abundant liquidity, historically low interest rates, valuations that were beginning to normalise, and the appetite of private equity investors created an exceptionally favourable environment for corporate transactions.
Renewable energy and technology sectors captured investor attention, driven by alignment with the objectives of Spain’s Recovery, Transformation and Resilience Plan (PRTR). Companies specialising in solar, offshore wind and energy efficiency experienced unprecedented valuations.
Foreign direct investment in Spain recovered to €27.4 billion, reflecting international investor confidence in the Spanish economy as a priority destination in southern Europe. Logistics real estate and data centres were notable recipients of foreign capital.
Sector Analysis
Energy sector: The transition to renewable energy generated the year’s largest flow of corporate operations. Spain positioned itself as one of the most attractive European markets for solar and wind project development, thanks to its natural resources, regulatory framework and connectivity with the European energy market.
Technology sector: The Spanish startup ecosystem matured notably, with several financing rounds exceeding €100 million and the emergence of the first national unicorns. Demand for technology talent and sector salaries caused tensions in the labour market for digital profiles.
Tourism sector: The reopening of international tourism in the summer of 2021 brought partial relief, although activity levels remained below the pre-pandemic period. Hotel chains took advantage of the period to accelerate digitalisation and review their distribution model.
Healthcare: Hospitals, clinics and healthcare technology providers were protagonists of some of the year’s most notable corporate operations, driven by awareness of health system fragility and the need for investment in private healthcare infrastructure.
Regulatory and Environmental Changes
The draft labour reform — finally approved in December 2021 — was one of the main focal points of business attention during the year. Tripartite negotiations between the government, employers and trade unions generated uncertainty that some companies used to anticipate workforce and contractual structure decisions.
Cryptocurrency regulation began to gain relevance on the business agenda, with the first European regulatory proposals from the MiCA regulation and the obligation to declare virtual assets held abroad through the AEAT’s informational declaration 721.
Discussions on ESG and corporate sustainability intensified, with the publication of the European Green Taxonomy and the push towards non-financial information disclosure as a precursor to mandatory sustainability reporting.
Outlook
The close of 2021 left a more hopeful macroeconomic picture but with emerging clouds: inflation was beginning to rise at year-end, global supply chain problems were lasting longer than expected, and uncertainty about COVID-19 variants maintained some caution. Effective execution of NextGenerationEU funds and the success of the labour reform would be the major conditioners for 2022.
Our team continues to accompany clients in identifying inorganic growth opportunities and in preparing their M&A and valuation processes for the coming year.
