896 announced deals (+51% y/y) for over €40bn (+17% y/y)

Announced domestic M&A deals in 2024 totalled 896 (c. 51% of the overall market), slightly down (-2%) vs. the prior year, with an aggregate value of €40bn, up +17% vs. the prior year (36% of total announced value).

Corporate investors increased their activity share by 8% and accounted for 79% of deals, with an aggregate value of €21bn.

In line with previous years, Central and Northern Italian regions accounted for over 70% of announced deals.

896 announced deals (+51% y/y) for over €40bn (+17% y/y)

Announced domestic M&A deals in 2024 totalled 896 (c. 51% of the overall market), slightly down (-2%) vs. the prior year, with an aggregate value of €40bn, up +17% vs. the prior year (36% of total announced value).

Corporate investors increased their activity share by 8% and accounted for 79% of deals, with an aggregate value of €21bn.

In line with previous years, Central and Northern Italian regions accounted for over 70% of announced deals.

Industrials recorded 278 deals in 2025, slightly down vs. 2024.

Consumer & Retail and Financial & Govt. Services posted growth rates of +2% and +18%, respectively.

The Technology sector shows a clear contraction, with the number of announced deals down -26%.

In 2025, Financial Services regained the top position as the leading sector by aggregate deal value (€25bn), up +81% vs. 2024, driven by continued consolidation in the Italian banking sector.

Consumer & Retail also increased sharply (+138%), with over €4bn of announced deal value, supported by large transactions such as the sale of Versace and Carrefour Italia.

Industrials recorded 278 deals in 2025, slightly down vs. 2024.

Consumer & Retail and Financial & Govt. Services posted growth rates of +2% and +18%, respectively.

The Technology sector shows a clear contraction, with the number of announced deals down -26%.

In 2025, Financial Services regained the top position as the leading sector by aggregate deal value (€25bn), up +81% vs. 2024, driven by continued consolidation in the Italian banking sector.

Consumer & Retail also increased sharply (+138%), with over €4bn of announced deal value, supported by large transactions such as the sale of Versace and Carrefour Italia.

Throughout 2025, domestic M&A activity has been particularly strong in the banking sector, with an aggregate deal value of €25bn. Of this total, €20bn is attributable to the acquisition of Mediobanca by MPS and BPER Banca’s acquisition

of Banca Popolare di Sondrio. Other noteworthy transactions include the sale of IVECO’s defence business to Leonardo, as well as the acquisitions of Versace and Carrefour Italia in the Consumer & Retail sector.

Throughout 2025, domestic M&A activity has been particularly strong in the banking sector, with an aggregate deal value of €25bn. Of this total, €20bn is attributable to the acquisition of Mediobanca by MPS and BPER Banca’s acquisition

of Banca Popolare di Sondrio. Other noteworthy transactions include the sale of IVECO’s defence business to Leonardo, as well as the acquisitions of Versace and Carrefour Italia in the Consumer & Retail sector.

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.