2025 up in both deal count (+19% y/y) and aggregate value (+74% y/y)

Outbound M&A activity has been steadily increasing since 2021, reaching 325 announced deals in 2025. Aggregate deal value rose sharply to €24bn (+74% vs. 2024).

M&A activity is primarily driven by corporate/strategic buyers, which are involved in over 90% of transactions; direct investments by Italian financial investors in overseas markets remain more limited.

In 2025, 92% of aggregate deal value is attributable to acquisition offers by corporate buyers.

2025 up in both deal count (+19% y/y) and aggregate value (+74% y/y)

Outbound M&A activity has been steadily increasing since 2021, reaching 325 announced deals in 2025. Aggregate deal value rose sharply to €24bn (+74% vs. 2024).

M&A activity is primarily driven by corporate/strategic buyers, which are involved in over 90% of transactions; direct investments by Italian financial investors in overseas markets remain more limited.

In 2025, 92% of aggregate deal value is attributable to acquisition offers by corporate buyers.

Industrials remains the main area of focus, with 99 announced deals.

Technology & Telecommunications recorded 72 announced deals, up significantly vs. 2024 (+67%), followed by Healthcare & Life Sciences (+44%).

Energy & Natural Resources shows the strongest growth in deal count, with 27 announced deals (+93% vs. 2024).

By aggregate deal value, Consumer & Retail posts the sharpest increase (+935% vs. 2024), despite a lower number of transactions in 2025 (-8%).

Industrials remains at the top of the ranking with €8bn of announced deal value, up +181% vs. the prior year.

Industrials remains the main area of focus, with 99 announced deals.

Technology & Telecommunications recorded 72 announced deals, up significantly vs. 2024 (+67%), followed by Healthcare & Life Sciences (+44%).

Energy & Natural Resources shows the strongest growth in deal count, with 27 announced deals (+93% vs. 2024).

By aggregate deal value, Consumer & Retail posts the sharpest increase (+935% vs. 2024), despite a lower number of transactions in 2025 (-8%).

Industrials remains at the top of the ranking with €8bn of announced deal value, up +181% vs. the prior year.

Italian investors’ interest in U.S. targets is increasing, with the number of transactions up +49% vs. 2024. Deal activity towards Spain and the UK also rises, up +24% and +27%, respectively.

Germany (33 deals) and France (23 deals) are slightly down this year, with decreases of -3% and -26%, respectively.

In line with the higher deal count in the U.S., aggregate deal value increased materially to €7.5bn, up +19% vs. 2024.

The UK is attracting growing interest from Italian investors, with aggregate deal value up +484% to c. €6.5bn of transacted value.

Italian investors’ interest in U.S. targets is increasing, with the number of transactions up +49% vs. 2024. Deal activity towards Spain and the UK also rises, up +24% and +27%, respectively.

Germany (33 deals) and France (23 deals) are slightly down this year, with decreases of -3% and -26%, respectively.

In line with the higher deal count in the U.S., aggregate deal value increased materially to €7.5bn, up +19% vs. 2024.

The UK is attracting growing interest from Italian investors, with aggregate deal value up +484% to c. €6.5bn of transacted value.

In 2025, outbound M&A activity by Italian groups shows a high concentration in terms of deal value, with the top 10 transactions accounting for c. 67% of total announced value for the year. This confirms a pattern observed in recent years: a limited number of large transactions drive cross-border activity, alongside a higher number of mid- and small-sized deals.

Technology & Telecommunications and Consumer & Retail are the most active sectors, supported by strategic transactions in Industrials, Energy and Financial Services, highlighting a selective approach focused on strengthening international presence.

In 2025, outbound M&A activity by Italian groups shows a high concentration in terms of deal value, with the top 10 transactions accounting for c. 67% of total announced value for the year. This confirms a pattern observed in recent years: a limited number of large transactions drive cross-border activity, alongside a higher number of mid- and small-sized deals.

Technology & Telecommunications and Consumer & Retail are the most active sectors, supported by strategic transactions in Industrials, Energy and Financial Services, highlighting a selective approach focused on strengthening international presence.

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.