1、Defying the oddsItalian M&A and PE activity in 2025ContentsInfographic 3Foreword 4The Italian M&A market in focus 5Sector watch:8 Financial services,industrials&chemicals and TMTSecondaries and continuation funds 12Italian private equity activity in focus 13M&A outlook and conclusion 15Gatti Pavesi

2、Bianchi Ludovici is an independent full-service law firm.We offer clients a one-stop shop in a single,central point of contact representing a benchmark in carrying out and seeing through complex corporate and structured finance transactions in Italy.We have offices in Milan,Rome and London.We offer

3、unparalleled multi-jurisdictional transactional,regulatory and advisory practices and have extensive experience in delivering high-level assistance in all areas of civil,commercial and corporate law,as well as in international and domestic tax advice,offering cutting-edge and sophisticated solutions

4、.ContactsRaffaele Sansone raffaele.sansonegblex.itAmlie Gilletamelie.gilletgpblex.itFrancesco Gatti francesco.gattigpblex.itGianni Martoglia gianni.martogliagpblex.itContinuation funds mark their arrivalSignifying a maturing PE market,continuation funds are finally emerging as a key strategic tool.W

5、hile still rare in Italy,landmark GP-led deals by Ambienta and CVC Capital Partners have set an important precedent.These secondaries,which have exploded globally for a record US$75bn in transaction value last year,are a welcome development that provides an alternative exit route.Private equity cont

6、inues to place bold betsItalian private equity activity slowed in the first half,with deal value down 20%to 9.6bn amid high financing costs and trade uncertainty.Despite the caution,sponsors remained active at the large-cap end,executing complex,billion-euro carve-outs and strategic partnerships in