Back to reality – Italian M&A and PE activity in 2021–H1 2022

We are pleased to present “Back to reality: Italian M&A and PE activity in 2021–H1 2022” published in association with Mergermarket and Unquote.


Highlights include:


  • Italian deal value defies expectations. While deal volume saw a 16% decrease in 2022 YTD – in line with a 35% fall across the EU region plus the UK – a total value of €71bn represented a 42% gain on the first half of 2021. This outperformance was largely the function of the gargantuan take-private of Atlantia by Blackstone Group for €42.7bn alongside existing shareholder Edizione, the investment group controlled by the Benetton family.
  • PE’s blockbuster H1. Year to date, there has been €57.2bn in PE deal activity, already up 23% compared to all of 2021 (€46.6bn). While the Atlantia deal has had a huge impact on the figures, it is notable that PE has been playing an outsized role across the board. Of the top ten largest M&As in Italy to date, eight were claimed by financial sponsors as acquirers and no fewer than four of the top five were PE buyouts.
  • Industrials ahead for deal volume. In terms of sectors, industrials and chemicals (I&C) has proved the most dominant sector in Italian M&A in 2021–2022 by volume, representing a 26% proportion of all deals. Year to date, meanwhile, there have been 77 deals in 2022, down 14% from 90 over H1 2021. This is a smaller drop than in Europe, which is down 43%.
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