New beginnings: Italian M&A and PE activity in 2020–H1 2021

24 September 2021

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Mergermarket and Unquote are pleased to present New beginnings: Italian M&A and PE activity in 2020–H1 2021, published in association with Gatti Pavesi Bianchi Ludovici. This report provides invaluable insights into M&A and private equity activity in Italy as we pass the halfway point of 2021.
                        
Highlights from the report include:
 
  • Deal volume builds on the momentum seen at the end of last year. Following a volatile period in Italian M&A, Q4 2020 ended the year on a high in terms of deal volume. 206 deals were recorded in the final quarter, representing the strongest Italian quarter by volume on Mergermarket record. This flurry of deal activity has showed no sign of slowing down in 2021; the first half of the year witnessed 294 transactions – a rise of 32% compared to H1 2020. 
  • Big ticket deals spur a jump in Italian deal value. The first half of 2021 posted €47.5bn worth of deals, the highest half-year deal value recorded in Italy since H1 2007. This was at least in part due to a renewed interest in the region by private equity investors. PE value increased by 488% year on year, accounting for €27.5bn of deals.​
  • TMT and financial services dominate value. Financial services accounted for 23% of deals across the 2020-H1 2021 period, up from a share of just 10% over 2018-2019. TMT held steady over the same period to comprise 21% of transactions by value. Meanwhile, industrials and chemicals remains the forerunner by volume, accounting for 26% of deals. However, the sector’s share of deal value collapsed to just 7% from 23% in 2018-2019 as smaller transactions are favoured.