Italian M&A Market Analysis 2025 & 2026 Outlook

Focus on the Italian mid-market

» M&A Italy Report 2025 & Outlook 2026

Focus on the Italian mid-market

Mid-market M&A: deal count and value up in 2025

Breakdown of announced M&A deal count by deal value bracket
(# deals)

Breakdown of announced M&A deal count by deal value bracket
(€ bn)

In the small-cap segment, renewed interest from foreign buyers is observed (+77 deals, +21% y/y).

The increase in mid-market deal activity is primarily driven by the rise in acquisitions of foreign targets by Italian companies (+17 deals, +74% y/y).

This increase is particularly pronounced in the €150–300m bracket (+7 deals) and in the €50–150m bracket (+10 deals).

Breakdown of announced M&A deal count by deal value bracket
(# deals)

Breakdown of announced M&A deal count by deal value bracket
(€ bn)

In the small-cap segment, renewed interest from foreign buyers is observed (+77 deals, +21% y/y).

The increase in mid-market deal activity is primarily driven by the rise in acquisitions of foreign targets by Italian companies (+17 deals, +74% y/y).

This increase is particularly pronounced in the €150–300m bracket (+7 deals) and in the €50–150m bracket (+10 deals).

In 2025, Industrials and Financial Services drive mid-market deal activity and value

Industrials leads mid-market M&A…

Industrials leads mid-market M&A…

…despite a decline of 12 deals and €2bn in aggregate deal value, it remains the #1 sector by both deal count and value.

 Key 2025 transactions include Int. Holding’s acquisition of Isem Srl (€500m) and the sale of Antares Vision to Crane NXT (€444m).

 

Industrials – Mid-Market M&A Focus
(# deals, € bn)

Industrials leads mid-market M&A…

…despite a decline of 12 deals and €2bn in aggregate deal value, it remains the #1 sector by both deal count and value.

 Key 2025 transactions include Int. Holding’s acquisition of Isem Srl (€500m) and the sale of Antares Vision to Crane NXT (€444m).

 

Industrials – Mid-Market M&A Focus
(# deals, € bn)

…followed by Financial Services & Govt.

which records an increase of 22 deals in 2025, adding €4bn of deal value (total €7bn).

Key transactions include the acquisition of Cronos Vita by a consortium of primary insurers (€500m) and Banca IFIS’ acquisition of illimity Bank (€337m).

 

Financial & Govt. Services – Mid-Market M&A Focus
(# deals, € bn)

…followed by Financial Services & Govt.

which records an increase of 22 deals in 2025, adding €4bn of deal value (total €7bn).

Key transactions include the acquisition of Cronos Vita by a consortium of primary insurers (€500m) and Banca IFIS’ acquisition of illimity Bank (€337m).

 

Financial & Govt. Services – Mid-Market M&A Focus
(# deals, € bn)

2025 was also a strong year for Consumer & Retail…

…reaching €5bn of aggregate deal value and 25 announced deals. Key transactions include Harng Central’s acquisition of 65% of La Rinascente (€254m) and the acquisition of Twinset by a pool of investors (€200m).

Consumer & Retail – Mid-Market M&A Focus
(# deals, € bn)

2025 was also a strong year for Consumer & Retail…

…reaching €5bn of aggregate deal value and 25 announced deals. Key transactions include Harng Central’s acquisition of 65% of La Rinascente (€254m) and the acquisition of Twinset by a pool of investors (€200m).

Consumer & Retail – Mid-Market M&A Focus
(# deals, € bn)

Tech & Telco, Energy & Nat. Resources and Healthcare & Life Sciences all up in both deal count and value

Tech & Telco records 25 announced deals with €5bn of aggregate value. Key transactions include Poste Italiane’s acquisition of PagoPA (€500m) and Bending Spoons’ acquisition of Eventribe (€470m).

 

 

 

 

 

Energy, up +7 deals vs. 2024 with over €2bn of aggregate value, includes Ardian’s acquisition of a 116MW Power Station portfolio (€300m), ENI’s acquisition of 300MW of solar PV from EDP Renováveis, and the acquisition of a 40% stake in IREN Acqua by IREN SpA.

 

 

 

 

Healthcare & Life Sciences is also back in the spotlight, with +8 announced transactions worth over €2bn. Notable deals include Faes Farma’s acquisition of SIFI SpA (€351m) and Gruppo San Donato’s acquisition of a 28% stake in American Heart of Poland (€250m).

Tech & Telco – Mid-Market M&A Focus
(# deals, € bn)

Energy – Mid-Market M&A Focus
(# deals, € bn)

Healthcare & Life Sciences – Mid-Market M&A Focus
(# deals, € bn)

Tech & Telco records 25 announced deals with €5bn of aggregate value. Key transactions include Poste Italiane’s acquisition of PagoPA (€500m) and Bending Spoons’ acquisition of Eventribe (€470m).

 

 

 

 

Energy, up +7 deals vs. 2024 with over €2bn of aggregate value, includes Ardian’s acquisition of a 116MW Power Station portfolio (€300m), ENI’s acquisition of 300MW of solar PV from EDP Renováveis, and the acquisition of a 40% stake in IREN Acqua by IREN SpA.

 

 

Healthcare & Life Sciences is also back in the spotlight, with +8 announced transactions worth over €2bn. Notable deals include Faes Farma’s acquisition of SIFI SpA (€351m) and Gruppo San Donato’s acquisition of a 28% stake in American Heart of Poland (€250m).

Tech & Telco – Mid-Market M&A Focus
(# deals, € bn)
Energy – Mid-Market M&A Focus
(# deals, € bn)
Healthcare & Life Sciences – Mid-Market M&A Focus
(# deals, € bn)

Index

1. At a glance
2. Domestic deals Italy-to-Italy
3. Cross-border inbound
4. Cross-border outbound
5. Focus on the Italian mid-market
6. Outlook M&A 2026

Methodological Notes

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.