This report, published in association with Gatti Pavesi Bianchi Ludovici, provides invaluable insights into M&A and private equity (PE) activity in Italy in 2024 and looks at the outlook for the year ahead.

Highlights include:

• Annual deal value tops EU average. A trio of megadeals across the banking, telecommunications and energy sectors pushed up annual value to €81bn – surpassing 2023’s €58.7bn by a significant 38%. This stands well above the EU average, which posted a modest 16% increase year-on-year. The overall number of transactions remained steady, with volume increasing by 1% over the same period to 1,355 deals.
• Banking consolidation delivers top deal. The financial services sector delivered the top deal of the year: UniCredit’s surprise €10bn takeover bid for domestic rival Banco BPM. If the deal completes, it will elevate UniCredit to become the top lender in Italy. While it faces opposition, the proposed move looks set to trigger a wave of consolidation across the industry as firms race to gain scale in a competitive market.
• TMT takes greater slice of value. Technology, media and telecommunications (TMT) continues to be a dominant force in Italian M&A, accounting for 27% of total value in the 2023-2024 period. This is a sharp increase from the 12% of value generated in 2021-2022. Consolidation within Italy’s telecommunications sector remains a key driver, as seen in Vodafone’s €8bn sale of its Italian business to Swisscom – the second-largest deal of the year.
• Overseas PE buyers remain faithful to Italian assets. Italy’s PE sector remained resilient in 2024 despite financing challenges dampening the market. A total of 270 deals changed hands over the course of the year, registering a 13% increase in volume year-on-year. International interest from the sector remains strong, with eight of the top ten PE deals of the year conducted by overseas buyout firms.