The calm after the storm – Italian M&A and PE activity in 2023

We are pleased to present The calm after the storm: Italian M&A and PE activity in 2023, published in association with Mergermarket. This report provides invaluable insights into M&A and private equity (PE) activity in Italy during the first half of 2023 and looks ahead at the outlook for the rest of the year.

Highlights include:


  • Volume and value slows, as expected. There have been 433 M&A transactions in Italy thus far in 2023, down 30% year-on-year (H1 2022 saw 615 transactions). With a total of €11.6bn in H1 2023, value was down 86% on H1 2022’s unprecedented total of €81.7bn.
  • European M&A activity is also down. The EU and UK saw a decrease both in terms of volume and value in 2023 YTD compared to H1 2022, the former falling 35% to 5,004 deals and the latter down 64% to €190.9bn.
  • PE investment holds its breath. PE investment holds its breath. There has been €6.9bn in PE deal activity in Italy in H1 2023, down 88% on H1 2022, which saw €59.8bn in total deal value (though much of that was down to a single deal, Atlantia).
Covid-19 Update