KPMG: Strong Start to Italy's M&A Market in 2025
Deal News | Apr 01, 2025 | Finance Community IT - 1 Corporate M&A
The Italian M&A market has witnessed a strong performance in the initial quarter of 2025, with over 310 deals amounting to €15.3 billion despite a decrease of 23% in the volume of completed transactions, compared to the first three months of 2024. Notable transactions include Exor's 4% divestiture of Ferrari for €3 billion, KKR's acquisition of 25% of Enilive for €2.9 billion, and UniCredit's purchase of a 4.1% stake in Assicurazioni Generali for €2 billion. A €1 billion acquisition of Corporación Acciona Hidráulica by Enel Group signifies robust utilities market activity. The banking sector, in particular, has been abuzz with potential consolidation deals such as Banca MPS's OPS on Mediobanca, valued at over €13 billion. The report notes significant interests of private equity and foreign investors contributing to Italy's market, with expectations of a €50 billion pipeline. Sectors like Energy & Utilities, Industrial Markets, and Financial Services remain focused on strategic M&A for growth and capital allocation. Max Fiani of KPMG comments on the adaptive strategies of market players amid geopolitical uncertainties.
Sectors
- Financial Services
- Energy & Utilities
- Industrial Markets
Geography
- Italy – The bulk of the M&A activity discussed is centered in Italy, with various Italian companies and sectors highlighted.
- International – There is significant international involvement in the Italian markets, with mentions of American, German, Swiss, and multinational firms participating in M&A activities.
Industry
- Financial Services – The article discusses significant M&A activity within the financial services/banking sector, highlighting notable transactions and potential consolidations.
- Energy & Utilities – Several major deals in the energy sector are mentioned, including acquisitions aimed at achieving energy transition and capital allocation strategies.
- Industrial Markets – The industrial sector features prominently with substantial deals, including those in subaquatic and defense technologies, and acquisitions of consumer market brands.
Financials
- €15.3 billion – Total value of M&A transactions in Italy for the first quarter of 2025.
- €3 billion – Value of the 4% Ferrari stake divested by Exor.
- €2.9 billion – Amount KKR invested for a 25% stake in Enilive.
- €2 billion – Value of UniCredit's acquisition of a 4.1% stake in Assicurazioni Generali.
Participants
| Name | Role | Type | Description |
|---|---|---|---|
| Exor | Selling Company | Company | An Italian holding company involved in the sale of a 4% stake in Ferrari. |
| KKR | Bidding Company | Company | An American investment firm acquiring a 25% stake in Enilive. |
| UniCredit | Bidding Company | Company | An Italian investment bank acquiring a stake in Assicurazioni Generali. |
| Enel Group | Bidding Company | Company | An Italian multinational energy company involved in acquiring Corporación Acciona Hidráulica. |
| KPMG | Corporate Finance | Company | Provided analysis and commentary on the M&A market trends in its report on the industry. |