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The performance of the Spanish market

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has been very similar to other

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markets worldwide.

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Having said that, the Spanish market

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has performed better than other European

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markets and that's a result of

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a stronger economy.

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We've been growing ~3% last year,

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~2.5% expected for

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this year versus ~1% for Europe.

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There are several key themes that

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we've seen in M&A, starting with private equity

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and on the buy-side.

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They've been a very important driver

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of volumes on the buy-side

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since many of the private equities

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have recently raised big funds and

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they're looking to deploy that capital.

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And Spain has historically been a

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very friendly market for private equity.

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Another big topic in the Spanish

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market is consolidation.

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Consolidation across different industries and obviously

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TMT is one of those.

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We've seen the market going from

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four players to three players with

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the merger of Orange and MASMOVIL

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and I think that we're going

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to see more of those.

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Valuations have got a lot more disciplined with

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the exception of data centers where

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we're seeing activity remains very, very strong.

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There are a number of platforms

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that have been developed, both domestic

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but also international platforms.

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And there are a number of

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platforms potentially coming to market with

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a lot of interest both from

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financial sponsors and strategics looking to

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kind of position themselves in Europe

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and using Spain as an entry point.

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And finally, in other infrastructure, what

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we're seeing is a re-emergence

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of activity there.

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I think the reason being infrastructure

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funds have been very much focused

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on energy and digital infra assets over

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the last, call it five years.

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And what we’ve seen is that

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they’ve found themselves underweight in other

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asset classes like transportation or social assets.

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So this adds a kind of

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diversifying kind of point to their

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portfolios where we expect to see

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more activity going forward.