This report, published in association with Gatti Pavesi Bianchi Ludovici, provides invaluable insights into M&A and private equity (PE) activity in Italy during the first half of 2026, as well as an outlook for the rest of the year.

Highlights include:

• M&A on the rise despite the impact of global headwinds. M&A value targeting Italian companies held up well in the first half of 2026. A total of €87bn represented a 116% uptick year-on-year. Meanwhile, deal volume posted a 6% increase over the same period.
• Financial sector delivers highest value. The sector took a 34% share of overall deal value in the 2025/26 period – the highest across all sectors. That is mainly due to the Intesa Sanpaolo offer to acquire Banca Monte dei Paschi di Siena SpA (MPS) for €30.6bn.
• Overseas bidders give PE activity a boost. Overseas buyers were responsible for nine of the top ten PE deals of the year. Despite this interest, 110 recorded deals in the first six months of the year represents a 15% decrease compared to H1 2025. Deal value, on the other hand, registered a 73% increase over the same period, with a total of €20.9bn-worth of deals changing hands.
• Infrastructure dealmaking tipped for growth. Dealmaking within Italy’s fast-growing infrastructure sector marks a bright spot on the M&A horizon. The first half of the year witnessed major deals within the airline and renewables sub-sectors, while the country’s data centre market is attracting attention from across the globe.