Resilience in challenging times – Italian M&A and PE activity in 2022

We are pleased to present “Resilience in challenging times: Italian M&A and PE activity in 2022”, published in association with Mergermarket and Unquote.
This report provides invaluable insights into M&A and private equity (PE) activity in Italy during 2022 and looks ahead at the outlook for the year ahead.


Highlights include:


  • M&A volume outperformed Europe. Italy saw 980 deals, a 16% increase compared to 2021. In Europe overall, M&A volume was down by 3% to 10,450 transactions over the same period.
  • Private equity (PE) is highly active. No fewer than seven of the top ten largest deals were claimed by pan-European or international PE buyers.
  • Jumbo deal clearance. The mammoth €42.7bn acquisition of Atlantia – one of the top five largest deals globally in 2022 – was approved by the Bank of Italy, paving the way for its take-private.
  • Middle-market focus. M&A value exceeded 2021 – but, without the Atlantia deal, deal value was down 28%, showing that, overall, the mid-market drove activity in 2022.
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