A record year for the Italian M&A market, with 1,369 deals concluded (+8% compared to 2023) for a total value of approximately 73 billion euros (+91% compared to last year). Despite the persistence of uncertainty at a geopolitical level, 2024 was positively influenced by the international macroeconomic trend which, albeit unevenly, saw economic growth accompanied by a decline in inflation, allowing the Central Banks to implement a change of monetary policy and support investors in finalizing large deals. This year, in fact, 15 transactions were concluded with a value exceeding one billion euros. This is what emerges from a KPMG report dedicated to the M&A market in Italy. The main one was the acquisition by Optics BidCo, a company controlled by the American Fund KKR, of Tim’s fixed network infrastructure, NetCo, for a total value of 14.2 billion euros.
Countervalue and number of operations
In terms of value, they are mainly driven by cross-border operations, which represent 86% of the Italian M&A market, with 62.8 billion euros, confirming on the one hand the interest of foreign investors in ‘Made in Italy’ (417 operations for 34.8 billion euros) and on the other the entrepreneurial courage of Italian companies to establish themselves on foreign markets in order to create international players (246 operations for 28 billion euros). In terms of number of operations, the domestic market reached a new record, exceeding 700 deals for a value of 9.8 billion euros (in 2023 there were 693 for 9 billion euros). The domestic market is characterized by smaller deals with the aim of creating and consolidating Made in Italy production chains that allow it to maintain its leadership position on the reference markets.
Sectors, the ranking by value
From an analysis of the main target sectors, 2024 saw Technology, Media & Telecom (TMT), Energy & Utilities and Financial Services as protagonists, representing 65% of the value of the Italian M&A market. In particular, the TMT, with 227 transactions for a value of 17 billion, benefited from the aforementioned acquisition of the TIM fixed network by KKR. This year too, the sector has seen dynamism in IT and Software operations. The Energy & Utilities sector recorded 114 transactions for a value of 16.8 billion euros (+163% compared to 2023). The Financial Services sector was particularly active with large transactions. Despite a lower number of deals (75 vs. 84 in 2023), the value recorded is equal to 13.1 billion euros (+136% compared to 2023).
Sectors, the ranking by number of operations
The Consumer Market continues to be the sector characterized by the highest number of transactions, 430 against the 396 recorded in 2023, with a value of 8.6 billion euros, a decrease compared to the previous year (15.1 billion euros). In second place for the number of operations we find Industrial Markets with 342 deals (305 in 2023) for a value of 10.8 billion euros (+46% compared to the previous year). Finally, the study pointed out that the less stringent monetary policies implemented by the Central Banks have supported Private Equity Funds which confirm themselves as the main investor in the Italian M&A market. There are as many as 170 direct operations carried out by Private Equity Funds for a total value of over 21.6 billion euros.