Selling a Business in Lisbon
Lisbon has quietly become one of Europe's most compelling business stories. A combination of a thriving technology ecosystem, world-class tourism, renewable energy leadership, and a unique bridge to Latin American markets — particularly Brazil — has created a city where businesses across multiple sectors attract genuinely international buyer interest. The cost base remains meaningfully below Western European peers while EU membership provides the regulatory familiarity that international buyers require.
The Lisbon mid-market M&A landscape in 2026
Lisbon's transformation from a Southern European economy in post-crisis recovery to a genuinely attractive destination for international capital and talent has been one of Europe's more remarkable economic stories of the past decade. The NHR tax regime, digital nomad visa, and deliberate investment in startup infrastructure have combined to attract a wave of international entrepreneurs and technology businesses — adding dynamism to an economy already strengthening through tourism, renewable energy, and export-oriented manufacturing.
M&A activity in Portugal has benefited from this improvement in business quality. The most active buyers in the Portuguese market are Spanish strategic acquirers — geographic proximity, cultural familiarity, and regional integration logic make Iberian consolidation a consistent theme — followed by French, German, and UK groups building Southern European presences. Brazilian buyers are an important and underappreciated part of the buyer universe: the shared language creates a unique pathway for Brazilian groups seeking European market access, and Portuguese businesses with Brazilian operations or connections attract premium interest from both directions.
Tourism and hospitality M&A is among the most active in Europe. The Algarve and Lisbon hotel markets have attracted capital from Middle Eastern sovereign funds, US PE, and pan-European hospitality groups. Technology businesses — particularly those that have built international customer bases from a Lisbon base — are seeing strong interest from US and UK strategics.
For founders, Lisbon's current moment is genuinely favourable. The city's profile has never been higher internationally, buyers are actively seeking Portuguese deal flow, and the combination of EU regulatory familiarity with emerging-market growth characteristics is exactly what institutional buyers and strategic acquirers are looking for.
Key sectors driving Lisbon M&A
Lisbon's economy spans technology, tourism, renewables, financial services, food and agriculture, and real estate. Here is what buyer appetite looks like across each sector in 2026.
Technology & Startups
Lisbon has undergone a genuine transformation into one of Europe's most active technology ecosystems. The decision to relocate Web Summit permanently to Lisbon was as much signal as cause — the city had already accumulated a critical mass of startups, scale-ups, and international technology companies attracted by talent quality, lifestyle, cost base, and the NHR tax regime. SaaS, fintech, e-commerce, and deep tech businesses are consistently active M&A targets. International strategics and PE funds with Southern European mandates are the most active buyers.
Tourism & Hospitality
Portugal has been one of Europe's fastest-growing tourism destinations for a decade. Lisbon, Porto, the Algarve, and Madeira have all seen substantial increases in visitor numbers, hotel development, and hospitality investment. Tourism-related businesses — boutique hotel groups, experience operators, online travel platforms, and food and beverage concepts — attract strong buyer interest from hospitality groups, real estate investors, and PE funds with leisure mandates. The sector has recovered strongly post-COVID and continues to benefit from sustained demand growth.
Renewable Energy
Portugal is one of Europe's leaders in renewable energy production — in some periods generating more electricity from renewables than it consumes. Solar, wind, and hydroelectric assets have attracted major international energy groups, infrastructure funds, and specialist renewable energy investors. Portuguese renewable energy development businesses, grid infrastructure services, and energy management technology companies are active M&A targets. The country's ambitious targets for renewable energy expansion create significant future deal flow as the development pipeline matures.
Financial Services
Lisbon hosts the headquarters of Portugal's major banking groups — Millennium BCP, Caixa Geral de Depósitos, and BPI — alongside operations of major international banks. Portuguese financial services businesses, including insurance, asset management, and the growing fintech sector, are regulated by the Banco de Portugal and CMVM. The sector has largely recovered from the post-2011 crisis restructuring, and mid-market financial services businesses are increasingly transacting at valuations reflecting normalised earnings rather than distress.
Food, Beverage & Agriculture
Portuguese food and beverage products command genuine international premium — wines (especially from the Douro and Alentejo), olive oil, cork, seafood, and specialty food products have built strong export markets and attract international acquirers seeking premium European food brands. The agricultural and food processing sector has modernised substantially, and businesses combining strong product identity with export distribution attract strategic buyers from across Europe and from Brazilian and Angolan groups leveraging the shared-language connection.
Real Estate & Property Services
Lisbon's real estate market has been among Europe's most dynamic, driven by tourism demand, the Golden Visa programme (now reformed), the NHR regime attracting international residents, and a growing base of digital nomads and remote workers. Real estate services businesses — property management, transaction advisory, short-term rental management, and proptech — have grown alongside the market and attract interest from pan-European real estate services groups and PE funds building Southern European platforms.
Portuguese-specific considerations when selling your business
Selling a Portuguese business involves legal, regulatory, and tax considerations specific to the jurisdiction. Here is what founders in Lisbon need to understand before starting a process.
Portuguese Corporate Structures: Lda and SA
Portuguese businesses most commonly use either the Sociedade por Quotas (Lda) — functionally similar to a limited liability company — or the Sociedade Anónima (SA) for larger and listed businesses. Share transfers in an Lda are subject to right-of-first-refusal provisions unless waived in the articles of association. Portuguese corporate law is codified in the Código das Sociedades Comerciais, which was substantially updated in recent years. Buyers will conduct detailed corporate law due diligence, and ensuring that quota transfer records, minute books, and shareholder agreements are fully documented is essential preparation.
CMVM Regulation & Securities Law
The Comissão do Mercado de Valores Mobiliários (CMVM) is Portugal's securities market regulator, responsible for listed companies, investment funds, and certain financial intermediaries. For businesses with securities admitted to trading on Euronext Lisbon, Portuguese takeover rules apply — including mandatory bid thresholds and squeeze-out provisions. For non-listed businesses in regulated sectors, Banco de Portugal oversees banking and credit institutions while the Insurance and Pension Funds Supervisory Authority (ASF) covers insurance. Identifying the correct regulatory pathway and timeline is an early process requirement.
AdC Competition Authority
The Autoridade da Concorrência (AdC) reviews mergers meeting Portuguese thresholds: combined turnover in Portugal exceeding €100M and at least two parties each with Portuguese turnover above €5M, or a target with Portuguese market share above 50%. The AdC has strengthened its enforcement activity in recent years and has been active in digital markets, retail, and services. Phase I review takes up to 30 working days; Phase II up to 90. For transactions where EU Merger Regulation jurisdiction does not apply, the AdC process should be initiated as early as possible to avoid closing delays.
NHR Tax Regime & Founder Tax Planning
Portugal's Non-Habitual Resident (NHR) regime has attracted a significant number of international entrepreneurs and business owners to Lisbon, and in its reformed version continues to offer structured tax benefits for qualifying activities. For founders already resident in Portugal under NHR — or considering establishing Portuguese tax residency — the interaction between NHR and capital gains treatment on a share sale requires specialist analysis. Portuguese capital gains on share disposals are generally taxed at 28% for individuals, but treaty network positions, NHR status, and holding structure can affect this materially. Planning should begin well before any process.
What Lisbon buyers are looking for right now
Lisbon's buyer market in 2026 reflects the city's unique positioning at the intersection of a mature EU regulatory environment, a fast-growing technology ecosystem, and a genuine LatAm connection through Portuguese language and diaspora networks. Buyers are seeking growth at a reasonable cost — businesses that can demonstrate international traction from a lower-cost base, or that have built a defensible position in Portugal's genuinely exceptional tourism and hospitality market.
International revenue and the LatAm bridge
Portuguese businesses with Brazilian, Angolan, or Mozambican revenue streams carry a premium for buyers who want EU-regulated access to Portuguese-speaking markets. This is a genuinely unique characteristic of the Lisbon market — the shared language creates export logic that simply does not exist for businesses in most other European cities. Documenting and positioning this international reach is a key part of process preparation.
Technology quality from a competitive cost base
Portuguese engineering talent is genuinely excellent, and Lisbon's cost base remains below London, Paris, Amsterdam, and Stockholm. For technology acquirers, a well-run Portuguese SaaS or tech services business offers a combination of quality and value that is increasingly difficult to find elsewhere in Western Europe. Buyers will focus on team retention, technical architecture, and product roadmap clarity.
Tourism and hospitality with proven demand
The Lisbon and broader Portuguese hospitality market has demonstrated exceptional demand resilience. Buyers want to see occupancy trends, RevPAR performance, forward bookings, and evidence that the demand drivers are structural rather than cyclical. Businesses with a combination of direct booking capability, brand identity, and real estate ownership command the strongest multiples.
Renewable energy development pipeline
For energy sector businesses, the strength and certainty of the development pipeline — grid connection rights, land permits, PPA agreements or route-to-market — is the primary valuation driver. Infrastructure funds and energy groups are sophisticated buyers who will diligence every element of project-level value. Early-stage pipeline assets require different positioning than operational assets.
Considering selling your Lisbon business?
We offer an initial confidential consultation at no charge and without obligation. We will give you an honest assessment of what your business is likely worth in the current market, what a sale process would look like, and whether the timing is right. If it is not the right time, we will tell you that too.