Between 2020 and 2024, Private Equity (PE) played a strategic role in Merger & Acquisition (M&A) operations in Italy, contributing to the transformation of companies in a context marked by macroeconomic uncertainty and structural challenges. This study aims to analyze the impact of PE on four emblematic M&A transactions in the Italian market — Autostrade per l’Italia, Biofarma, Acque Minerali d’Italia, and Expert.ai — selected for their sectoral heterogeneity and financial approach (buy-out, LBO, turnaround, expansion capital). Using a qualitative, document-based comparative methodology — grounded in both secondary sources — the research explores three key dimensions: post-investment economic and financial performance, integration of resources and capabilities, and governance configuration. The goal is to offer a critical analysis of PE’s contribution to M&A transactions, highlighting value creation dynamics, operational challenges, and managerial implications. The findings reveal recurring patterns as well as significant differences, providing insights for academics, financial operators, and corporate decision-makers.
The strategic role of Private Equity in M&A operations: evidence from the Italian context
Cirillo Roberto
2025
Abstract
Between 2020 and 2024, Private Equity (PE) played a strategic role in Merger & Acquisition (M&A) operations in Italy, contributing to the transformation of companies in a context marked by macroeconomic uncertainty and structural challenges. This study aims to analyze the impact of PE on four emblematic M&A transactions in the Italian market — Autostrade per l’Italia, Biofarma, Acque Minerali d’Italia, and Expert.ai — selected for their sectoral heterogeneity and financial approach (buy-out, LBO, turnaround, expansion capital). Using a qualitative, document-based comparative methodology — grounded in both secondary sources — the research explores three key dimensions: post-investment economic and financial performance, integration of resources and capabilities, and governance configuration. The goal is to offer a critical analysis of PE’s contribution to M&A transactions, highlighting value creation dynamics, operational challenges, and managerial implications. The findings reveal recurring patterns as well as significant differences, providing insights for academics, financial operators, and corporate decision-makers.I documenti in IRIS sono protetti da copyright e tutti i diritti sono riservati, salvo diversa indicazione.
