This report, published in association with Gatti Pavesi Bianchi Ludovici, provides invaluable insights into M&A and private equity (PE) activity in Italy in 2025, as well as an outlook for the year ahead.

Highlights include:

• M&A value holds steady against global headwinds. A total of €85 billion-worth of deals changed hands over the course of 2025 – a 20% increase on the previous year. In line with global trends, deal volume decreased, but only marginally, with a total of 1,425 M&A transactions representing a 0.6% drop-off compared to 2024.
• Industrials and banking deals dominate. The industrials and chemicals sector remains the bedrock of Italian M&A activity, taking up 20% of value and 24% of volume – the highest share across all industries. Financial services’ share of total value surged from 6% to 18% as banking consolidation ramps up.
• Overseas PE buyers remain active. Overall, private equity (PE) volume grew by 2% year-on-year, with international buyers continuing to make strategic plays in high-growth industries. Transport and renewables assets continue to attract interest despite ongoing trade and pricing uncertainty..
• Luxury M&A leads the high life. Italian luxury M&A surged in 2025. Last year saw dealmaking reach a five-year high in terms of both value and volume. There were 22 deals worth €5.2bn – year-on-year increases of 175% and 676%, respectively.