RESTRUCTURING PRIVATE HIGHER EDUCATION IN PORTUGAL: A LONGITUDINAL STUDY OF MERGERS AND ACQUISITIONS

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Published: Jun 14, 2026
DOI: https://doi.org/10.29073/e3.v12i1.1170
Keywords:
Governance and Regulation Institutional Restructuring Mergers and Acquisitions Organisational change Ownership and founding entities Portugal Private Higher Education

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Maria Elisabete Ferreira Fernandes
Universidade de Vigo
https://orcid.org/0000-0002-0343-7924
Maria de Lourdes Machado-Taylor
Universidade Lusófona

Abstract

In recent decades, private higher education (HE) in Portugal has undergone significant structural transformation, driven by regulatory reforms, demographic pressures, and increasing market competition. Among the strategies adopted by private higher education institutions (HEI), mergers and acquisitions (M&A) have emerged as a key mechanism for adaptation and consolidation, yet remain underexplored, particularly in private systems and longitudinal analyses. This study presents a longitudinal analysis of M&A processes between 2004/05 and 2021/22, based on a purpose-built database of legal acts and institutional restructuring events. Using qualitative content analysis, these processes are classified according to typologies from governance and HE literature, identifying patterns, key drivers and forms of institutional adaptation The findings show that M&A activity occurs in waves linked to major regulatory milestones, suggesting a close relationship between regulatory change and institutional restructuring dynamics. The most common forms include mergers and absorptions, acquisitions and ownership transfers, and institutional reconfigurations. These processes are primarily strategic responses to regulatory constraints and market pressures, enabling HEIs to optimize resources, maintain accreditation, and strengthen financial sustainability. This study contributes to the understanding of HE governance and institutional adaptation, offering a comprehensive system-level analysis of M&A in the private sector, with relevant implications for policymakers and institutional leaders.

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How to Cite
Ferreira Fernandes, M. E., & Machado-Taylor, M. de L. (2026). RESTRUCTURING PRIVATE HIGHER EDUCATION IN PORTUGAL: A LONGITUDINAL STUDY OF MERGERS AND ACQUISITIONS. E3 — Revista De Economia, Empresas E Empreendedores Na CPLP, 12(1), 55–103. https://doi.org/10.29073/e3.v12i1.1170
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Vol. 12 No. 1 (2026): V.12 N.1 (E3 - Revista de Economia, Empresas e Empreendedores na CPLP)
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Articles
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Author Biographies

Maria Elisabete Ferreira Fernandes, Universidade de Vigo

Maria Ferreira-Fernandes is a PhD candidate in Economic Analysis and Business Strategy at the University of Vigo. She holds a Master’s degree in Business Management from the University of Maia and a Bachelor’s degree in Accounting and Administration – Audit branch from ISCAP – Porto Accounting and Business School. She is a research collaborator at CIPES – Center for Research on Higher Education Policies. Her research interests include governance and management, leadership, higher education policies, organizational strategies, and gender studies. She currently coordinates the Office for Research Support and Projects, as well as Management Control, at Maiêutica, the founding entity of the University of Maia and the Polytechnic Institute of Maia.

Maria de Lourdes Machado-Taylor, Universidade Lusófona

Maria de Lourdes Machado-Taylor is a Professor at Lusófona University (ULHT), Director of the Institutional Development Office (GDI) at Lusófona Group and a Senior Researcher Associate at the Center for Research on Higher Education Policies (CIPES). For twelve years she worked as a researcher at the Agency for Assessment and Accreditation of Higher Education (A3ES) in Portugal. Supervised and co-supervised Ph students and helped them to accomplish their degrees. Her areas of research include Higher Education Policies, Governance and Management, Leadership, Strategies and Gender Studies. Her list of publications is long and strong. She is author and co-author of more than 260 indicators of scientif produtction (articles in specialized journals, book chapter(s), book(s) and paper prooceddings). Has coordinated and contributed as Investigator and Principal Investigator, to multi-disciplinary and multi-institutional research projects funded namely by the Foundation for Science and Technology (FCT), Gulbenkian Foundation (Portugal), Capes (Brazil), Banque Africaine de Developement and the European Commission (EEA Grants), especially regarding academic careers, academic mobility, efficiency and equity in higher education, gender equity, models of governance and management, impacts of higher education on quality of life, students and satisfaction with higher education, leadership and strategies. Maria de Lourdes is a reviewer to scientif journals and scientif conferences. She integrates the scientif committee of national and international conferences. She is a TAIEX expert of the EU. Has received research scholarships from the Gulbenkian Foundation and Fulbright (USA). Along her professional life established a global network of professional colleagues in Europe and in particular in Brazil and the United States. Maria de Lourdes is a Fulbright Alumnae, member of the European Platform of Women Scientists (EPWS), Consortium of Higher Education Researchers (CHER), Associação Portuguesa de Mulheres Cientistas (AMONET), The European Higher Education Society (EAIR) and the Latin American Studies Association (LASA). In her curriculum vitae the most frequent terms in the contextualization of scientific, technological and artistic-cultural production are: Higher education; Evaluation; Accreditation; Political sciences; Social Sciences; Brain drain; Academic mobility; Deskilling; Reskilling; Employability; Highly skilled emigration; Strategic management; European higher education; Academic Staff; Gender; Quality of Life; Sustainability; Exodus of skills; Circulation of skills; Learning; Education system; Governance and Management; Leadership; Gender Studies; Academic Careers; Quality.

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