ITALY Trends and Developments Contributed by: Michele Massironi, Maria Giulia Furlanetto, Fabio Dalmasso and Riccardo Siligardi, La Scala S.t.a.p.a.
La Scala S.t.a.p.a. Via Correggio, no. 43 Milan Italy Tel: +39 0243 9251 Fax: +39 0248 0116 24 Email: milano@lascalaw.com Web: lascalaw.com
Corporate M&A in Italy: An Overview The golden era of M&A in Italy continued through - out 2024. While M&A experienced a floating rate of growth globally, in Italy the growth has been consistent. In 2024, the number of M&A transactions in the global context decreased by about 18% but the aggregate value of the deals increased by about 5%. Italy has not been particularly affected by this trend due to its limited exposure to geopolitical tensions and there being fewer issues in financ - ing matters. These factors have led to an opti - mistic wave in favour of M&A transactions, lead - ing to an increase in the number of transactions and in their aggregate value. This is probably why the majority of M&A trans - actions in Italy (about 69%) have been entered into between domestic entities. From another perspective, the growth of M&A transactions in Italy during 2024 compared with 2023 can be summarised as follows: • + 13% of the aggregate number of transac - tions (1,365 transactions); • + 9% of the aggregate value of the transac - tions (EUR63.9 billion); • + four mega-deals (from 11 to 15); and
• 44% of all transactions in Italy have been car - ried out by private equity funds. The prominent role of private equity funds in the Italian market is indisputable. They have also switched their investment strategy, steering towards the mid-market instead of the high-end market. The following sectors drove M&A transactions in 2024: • industrial and chemicals (24% of transac - tions); • consumer and retail (14%); • technology (13%); and • energy and utilities (10%). 2025 at a glance: easier funding, economic growth and big changes It is reasonable to assume that 2024’s trend will continue into 2025, with a renovated spirit of growth in a domestic, European and global context. From the early months of 2025, the following factors can be identified as encouraging – or at least affecting – M&A in Italy:
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