Goldman Sachs predicts growth in Italy’s M&A activity in 2026

Goldman Sachs forecasts that mergers and acquisitions (M&A) activity in Italy will continue to expand in 2026, particularly in the banking, technology, telecommunications, and pharmaceutical sectors.

The bank notes that political stability and a budget deficit below 3% are creating attractive conditions for foreign investors. Additionally, the gradual reopening of the IPO market is providing new opportunities for companies and private equity funds, offering additional exit strategies for investments.

In 2025, the largest deals included Banca Monte dei Paschi di Siena’s acquisition of Mediobanca, Tata Motors’ purchase of Iveco Group, and the combination of Airbus, Leonardo, and Thales’ space activities. Goldman Sachs believes these trends indicate that Italy’s M&A market will continue to grow in the coming year.