Executive Summary
The year 2024 was one of post-crisis strategic consolidation: interest rates began their downward trajectory, the Spanish economy positively surprised with **3.2% growth** — the highest among the major eurozone economies — and the M&A market returned to an upward trajectory. Simultaneously, the regulatory environment densified with the effective entry into force of the CSRD Directive, new DAC7 obligations on the platform economy and the start of discussions on Golden Visa abolition.
At BMC, 2024 was a year of internal and service transformation: we integrated AI-powered analysis capabilities into our strategic practice, expanded our sustainability reporting offering and strengthened the M&A team to capture the transactional market’s dynamism.
Key Highlights
The M&A market reactivation was the most relevant development in the strategic-corporate sphere. With 445 deals closed, the market recovered and exceeded 2022 levels. The combination of rate cuts — the ECB cut 100 basis points over the year — more reasonable valuations than the 2021 peak and a solid Spanish economy created a very favourable environment for transactions. The most active sectors were infrastructure, renewable energy, technology and healthcare.
Foreign direct investment reached €35.2 billion, a historical maximum, confirming Spain’s position as the preferred international capital destination. Relative political stability, the quality of available assets and fiscal competitiveness following the Startup Act contributed to this outcome. The Golden Visa debate, paradoxically, accelerated last-minute applications without generating an appreciable reduction in investor flow during the year.
The CSRD Directive entered its effective application phase for large listed companies, marking the beginning of a profound transformation in how companies communicate their environmental, social and governance impact. BMC developed specific methodologies to accompany clients in double materiality analysis and report preparation under ESRS standards.
Sector Analysis
Infrastructure and energy: The energy transition accelerated the flow of investments in renewables, electricity networks and storage. Spain consolidated as a European energy hub, attracting capital from major global infrastructure funds for solar, wind and green hydrogen projects.
Technology and AI: Generative AI and sector-specific AI applications were the epicentre of technology investor activity. Software companies incorporating AI capabilities natively — not as an add-on — recorded the highest valuation multiples in the market. Technology M&A oriented towards acquiring AI capabilities rather than traditional market share.
Healthcare: The private healthcare sector continued its consolidation process, with large-scale transactions concentrating supply in larger hospital and diagnostic groups. Health digitalisation and telemedicine attracted venture capital and strategic buyer investment.
Regulatory Changes
DAC7 (Directive 2021/514), in force since January 2023 but with first declarations in January 2024, obliged digital platforms to report to the AEAT information on sellers and service providers operating on them. This affected property landlords on platforms such as Airbnb, marketplace sellers and gig economy service providers.
Strategic planning integrated with sustainability reporting consolidated as one of the highest value-added areas of business advisory.
Outlook
The year 2025 opened with confirmation of the Golden Visa abolition (effective April), acceleration of obligations under the European AI Act and progress on DAC8 regarding crypto assets. Spain, with its solid economic growth and regulatory framework increasingly aligned with European standards, was consolidating as an attractive destination for international investment and for the development of corporate operations.
Our strategy and M&A team continued leading client support in their corporate transformation and value creation processes.
