In the second quarter of the yearM&A market Almost in line with the results of last year in terms of inconsisers, while the number of operations is reduced. In the first six months they ended 664 Deal per a total value of 30 billion euros, compared to the 768 operations for a total of 32 billion euros registered in the same period of the previous year. The value is guided by the 10 operations that exceed billion euros and representing the 65% of the Italian market of 2025.
M&A market in Italy
In particular, in the second quarter, the acquisition by the American Fund of 100% of the Business Gaming & Digital of Igt (Deagostini Group) for a total value of approximately 3.6 billion euros ealways in the Entertainment area, the ABB procedure promoted by Gamma Intermediat (vehicle of the Private Equity Apollo Fund) in order to transfer its participation of 21.3% in Lottomatica for a value of 1.2 billion euros. Moving on to the Energy & Utility sector, the acquisition by Italgas of 2irete Gas was aimed, for a total value of 2.07 billion euros, while in the Financial Services sector, which confirms the liveliness found in the first quarter, we appoint both the acquisition, through a public purchase offer, by Banco BPM life of Anima Holding, which acquired 67.98% per 67.98% per an investment of 1.54 billion euros, both Unicredit and, within the
internalization process of Business banking vIta in Italy has exercised its options for the purchase of the remaining 50% of Unicredit Allianz Vita and 51% of CNP Unicredit
Peir Max Fiani, Partner KPMG and curator of the report: “The M&A marketIt once again demonstrates its resilience, despite the geopolitical crises and the complex macro-economic scenario that characterized the semester just ended. Data substantially in line with 2024 also thanks to the finalization of several large deals with values greater than billion euros “.
About 30 billion of operations closed in the first half
THEThe domestic market reiterates for 2025 your leadership position, representing 50% both in terms of inconsisers (about 15 billion euros) and number of operations (337 deals). The Cross Border operations follow, with 196 Deals concluded by foreign investors for a total value of over 9 billion euros, while Italian companies invested 6.2 billion
euro in 130 foreign companies.
Private Equit fundsY, Italians and foreign, are confirmed by the first investor on the Italian market in terms of inconsisers with 9.2 billion euros of direct investments, for 75 operations concluded, showing a high trust in a European low -growth context. An example is the American KKR fund which acquired 30% of Enilive for a consideration of around 3.5 billion euros, confirming the attractiveness of Enilive for the market and further strengthening the position of the company as a market leader.
At a sectoral levelabout 90% of the transactions value is generated by the following three macro-sectors: i) Energy & Utility with 8.2 billion euros; ii) Financial Services with 6.4 billion euros; iii) consumer & industrial markets with 6.1 and 5.9 billion euros respectively.
Outlook 2025
Pipeline expected for 2025 on the Italian market in terms of announced operations, but not yet finalizedstands on over 40 billion euros, mainly guided by the push to consolidation in the banking and insurance sector, by the race to achieve the objectives of the energy transition for the main operators in the Energy & Utility sector and from the technological evolution, to the first of all, which impacts all sectors.
