1,700+ announced deals with an aggregate value of €109bn

2025 is shaping up to be a year of exceptional momentum for the Italian M&A market. A total of 1,744 deals have been announced (+7% vs. 2024), with an aggregate value of over €109bn (+19%), of which €60bn relates to deals completed as of January 2025.

These 1,744 transactions are predominantly domestic (51%), followed by cross-border inbound (i.e., foreign companies acquiring Italian companies, 30%), and cross-border outbound (19%).

Deal activity has risen sharply in the small (EV < €50m) and mid-cap (EV €50m–€500m) segments, with 1,552 and 151 announced deals, respectively, up +6% and +17% vs. 2024.

1,700+ announced deals with an aggregate value of €109bn

2025 is shaping up to be a year of exceptional momentum for the Italian M&A market. A total of 1,744 deals have been announced (+7% vs. 2024), with an aggregate value of over €109bn (+19%), of which €60bn relates to deals completed as of January 2025.

These 1,744 transactions are predominantly domestic (51%), followed by cross-border inbound (i.e., foreign companies acquiring Italian companies, 30%), and cross-border outbound (19%).

Deal activity has risen sharply in the small (EV < €50m) and mid-cap (EV €50m–€500m) segments, with 1,552 and 151 announced deals, respectively, up +6% and +17% vs. 2024.

This document aims to examine the key trends in the M&A market involving companies headquartered in Italy—both as targets and as acquirers—in 2025. The analysis is based on data available on Mergermarket, excluding certain transactions, such as debt portfolio disposals and other specific transactions. The analysis focuses on transactions announced in 2025, which were not necessarily completed in the same year, and does not claim to be complete or exhaustive.