Cross-border inbound M&A: 523 announced deals with over €45bn of aggregate value

2025 marks a record year for acquisitions of Italian companies by foreign buyers: 523 announced deals (+19% vs. 2024), with an aggregate value of €45bn, broadly stable vs. the prior year.

By buyer type, c. 75% of announced deals involve corporate/strategic acquirers, a marked increase from 67% in 2024.

In value terms, foreign corporate buyers account for 63% of aggregate deal value, implying a lower average ticket size compared with financial investors.

Cross-border inbound M&A: 523 announced deals with over €45bn of aggregate value

2025 marks a record year for acquisitions of Italian companies by foreign buyers: 523 announced deals (+19% vs. 2024), with an aggregate value of €45bn, broadly stable vs. the prior year.

By buyer type, c. 75% of announced deals involve corporate/strategic acquirers, a marked increase from 67% in 2024.

In value terms, foreign corporate buyers account for 63% of aggregate deal value, implying a lower average ticket size compared with financial investors.

Industrials remains the primary area of focus for foreign investors, recording the highest number of deals. Energy & Natural Resources shows the strongest increase, up +178% vs. 2024, followed by Healthcare & Life Sciences, up +75%. Technology & Telecommunications (+34%) and Financial Services (+26%) also post moderate growth. Consumer & Retail remains broadly stable, with a +2% increase in deal count.

Industrials ranks first by aggregate deal value, also up +29%. Energy ranks second, up +979% vs. 2024, with total value boosted by a number of large-cap deals (discussed in more detail below). Financial Services (-36%), Consumer & Retail (-50%) and Technology & Telecommunications (-74%) decline vs. the prior year.

Industrials remains the primary area of focus for foreign investors, recording the highest number of deals. Energy & Natural Resources shows the strongest increase, up +178% vs. 2024, followed by Healthcare & Life Sciences, up +75%. Technology & Telecommunications (+34%) and Financial Services (+26%) also post moderate growth. Consumer & Retail remains broadly stable, with a +2% increase in deal count.

Industrials ranks first by aggregate deal value, also up +29%. Energy ranks second, up +979% vs. 2024, with total value boosted by a number of large-cap deals (discussed in more detail below). Financial Services (-36%), Consumer & Retail (-50%) and Technology & Telecommunications (-74%) decline vs. the prior year.

In 2025, France confirms its position as the leading country by number of transactions in Italy, with 89 announced deals (+16%), reflecting the long-standing interest in Italian industrial assets.

U.S. investor activity remains significant, with 86 announced deals in Italy in 2025 (+21%).
A material increase is also observed for transactions involving bidders from the UK, Germany and Spain, up +57%, +16% and +13%, respectively.

By aggregate deal value, U.S. investors rank first (€11bn), despite a -6% decline vs. 2024.

The aggregate value of deals involving French investors increased sharply (+85%), in line with the higher number of announced transactions.

India (€7bn), China (€3bn; +1,256%) and Azerbaijan (€3bn) enter the top 7, primarily attracted by the Energy and Industrials sectors.

In 2025, France confirms its position as the leading country by number of transactions in Italy, with 89 announced deals (+16%), reflecting the long-standing interest in Italian industrial assets.

U.S. investor activity remains significant, with 86 announced deals in Italy in 2025 (+21%).
A material increase is also observed for transactions involving bidders from the UK, Germany and Spain, up +57%, +16% and +13%, respectively.

By aggregate deal value, U.S. investors rank first (€11bn), despite a -6% decline vs. 2024.

The aggregate value of deals involving French investors increased sharply (+85%), in line with the higher number of announced transactions.

India (€7bn), China (€3bn; +1,256%) and Azerbaijan (€3bn) enter the top 7, primarily attracted by the Energy and Industrials sectors.

2025 was a particularly active year for the Energy sector, with four large deals in the top 10 for an aggregate value of €12bn. Key transactions include EPH’s asset contribution to the JV with Total (€5bn) and the sale of Italia Petroli to the State of Azerbaijan (€3bn).

Private Equity also remained a key driver, with

contributions from leading players such as Ardian, Ares Management, Sixth Street and Lone Star Global.

Other notable transactions include the sale of IVECO’s Truck division to Tata Motors and Permira’s exit from Golden Goose.

2025 was a particularly active year for the Energy sector, with four large deals in the top 10 for an aggregate value of €12bn. Key transactions include EPH’s asset contribution to the JV with Total (€5bn) and the sale of Italia Petroli to the State of Azerbaijan (€3bn).

Private Equity also remained a key driver, with

contributions from leading players such as Ardian, Ares Management, Sixth Street and Lone Star Global.

Other notable transactions include the sale of IVECO’s Truck division to Tata Motors and Permira’s exit from Golden Goose.

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.