M&A outlook

Question 2

What was the total global announced M&A volume in 2024?

Answer 2

$3.6 trillion

Question 3

How much of 2024 M&A volume came from deals over $10 billion?

Answer 3

~20%

Question 4

What percentage of global market cap did M&A volume represent in 2024?

Answer 4

3.1% (lowest in 30 years)

Question 5

What is the historical average of M&A volume as % of global market cap?

Answer 5

0.065

Question 6

Which sector led M&A activity in 2024?

Answer 6

TMT (Technology, Media, Telecom) — 25% of total volume

Question 7

What were other key M&A sectors in 2024?

Answer 7

Natural Resources, Healthcare, Industrials

Question 8

What is driving the resurgence of TMT M&A?

Answer 8

Infrastructure demand and strategic consolidation linked to Artificial Intelligence (AI)

Question 9

What % of 2024 M&A deals were all-cash?

Answer 9

~66%

Question 10

Which region saw the most M&A target activity in 2024?

Answer 10

Americas (~51% of total)

Question 11

What % of deals were cross-border in 2024?

Answer 11

30% of global volume

Question 12

What % of M&A involved financial sponsors in 2024?

Answer 12

~30%

Question 13

What % of 2024 M&A volume was from LBOs?

Answer 13

~14%

Question 14

Name three major sponsor-backed deals in 2024.

Answer 14

SRS / Home Depot, AirTrunk / Blackstone, Truist Insurance / CD&R and Mubadala

Question 15

What was the total value of hostile/uninvited deals in 2024?

Answer 15

~$360bn

Question 16

What % of hostile deals were withdrawn in 2024?

Answer 16

~45%

Question 17

What was the largest unsolicited deal in 2024?

Answer 17

Couche-Tard / Seven & i ($58.9bn)

Question 18

What are the key drivers expected to fuel M&A in 2025?

Answer 18

AI, cross-border deals, activism, take-private momentum, return of mega deals

Question 19

What’s the importance of the AI infrastructure stack in M&A?

Answer 19

It fuels acquisitions across chips, data centers, platforms, and software, driven by hyperscaler CapEx.

Question 20

Qual è stato il valore totale dell’M&A annunciato in Italia nel 2024?

Answer 20

Circa €57 miliardi.

Question 21

Che percentuale rappresenta l’Italia sul volume M&A europeo nel 2024?

Answer 21

Circa il 5%.

Question 22

Com’è la distribuzione per taglia dei deal in Italia?

Answer 22

Prevalentemente mid-market, con molti deal < €100 milioni.

Question 23

Quali sono stati i settori dominanti nell’M&A italiano nel 2024?

Answer 23

TMT, Industrial, Consumer, Healthcare, Energy.

Question 24

Che tipo di struttura di pagamento è più comune nei deal italiani?

Answer 24

Cash (80% dei casi).

Question 25

Quanto pesa il domestic M&A in Italia?

Answer 25

Circa il 35% del totale, inferiore all’inbound.

Question 26

Qual è la percentuale di inbound M&A in Italia nel 2024?

Answer 26

Circa il 50%.

Question 27

Qual è il peso dei financial sponsors nell’M&A italiano del 2024?

Answer 27

Circa il 45% del volume totale.

Question 28

Quali sono le principali strategie usate dai sponsor in Italia?

Answer 28

Minority deals, club deals, focus su tech e infrastrutture.

Question 29

Quali sono i 3 temi più ricorrenti nell’M&A italiano 2024?

Answer 29

Passaggi generazionali, consolidamento B2B, interesse estero su asset industriali.

Question 30

Qual è il ruolo del “Golden Power” nel contesto italiano?

Answer 30

Meccanismo di controllo statale attivato spesso in settori strategici (energia, difesa, TMT).

Question 31

Quali sono i principali deal italiani del 2024?

Answer 31

Enel / 3Sun, Engineering / Bain, TIM NetCo / KKR.

Question 32

Cosa ci si aspetta per l’M&A italiano nel 2025?

Answer 32

Successioni familiari, digitalizzazione, ritorno dei PE nei ciclici, club deals su large-cap.

Question 33

Quali saranno i principali driver M&A in Italia nel 2025?

Answer 33

Successioni, digitalizzazione, consolidamento settoriale, interesse PE, deleveraging, intervento normativo.