Mergermarket M&A Forum Italy 2023

This event will be held in Italian.

Hotel Principe di Savoia, Milan

08.30 - 09.00

Registration and coffee

09.00 - 09.15

Chair's welcome

Alessandra Castelli
Alessandra Castelli Global Head Editorial Development, M&A and ECM, ION Analytics
09.15 - 09.35

Opening keynote – A macro-economic analysis with a focus on the Italian M&A market

2023 has been a challenging year for deal making, with buyers and sellers needing to navigate difficult macro-economic conditions, geopolitical instability, increased regulation, accelerating ESG pressure and the post-COVID reset. The volatility has resulted in the softening of the Italian (and global) M&A market, with increased caution from those buyers who are already in the market. However, with the IMF forecasting that Italy’s GDP will expand this year and thanks to the surge in energy prices being reversed - there are plenty of reasons for a cautious optimism across sectors and industries. 

Prof Alberto Dell'Acqua
Prof Alberto Dell'Acqua Associate Professor of Practice, Corporate Finance and Real Estate, SDA Bocconi School of Management
09.35 - 09.45

Next generation Mergermarket data presentation

Alessandra Castelli
Alessandra Castelli Global Head Editorial Development, M&A and ECM, ION Analytics
09.45 - 10.30

Panel discussion – Value creation strategies to support deal activity in Italy

Geopolitics have become more than just background, actively influencing the M&A markets, bringing cross-border activity under closer scrutiny and giving investors cause for caution. During the first half of the year both the number and value of M&A transactions showed a decline compared to 2022. In addition, deal value is likely to remain under pressure as debt financing for large cap leveraged buyouts is scarce. However, even though the signs of change are subtle, the M&A market in Italy is persevering, demonstrating remarkable resilience and optimism. So, how do we create value in more challenging times? How can we reduce the distance between buyer and seller in a slow market?

  • Portfolio enhancement and monitoring strategies: reviewing capital structures, financing models and improving cash and liquidity management for new and existing funds
  • Are multiple arbitrage opportunities, including buy-and-build and profile enhancement to drive an attractive exit rating a safe bet for capturing growth in the current climate?
  • How have the parameters of ESG changed in 2023? Impact of the Supply Chain Directive and the potential of sustainable investments with EU Article 9 Funds
  • Best value creation strategies amid higher cost leverage and more limited access to financing: due diligence, risk management, innovation
  • The secondary market, capability investing (especially in AI) and exit strategies
10.30 - 11.00
11.00 - 11.40

Coffee and networking

11.40 - 12.20

Panel discussion – M&A financing: growing opportunities in the Debt market

The resilience of M&A in Italy in 2022, accompanied by the increased role played by international financial investors, is a tribute to the attractiveness and flexible approach of Italian mid cap private companies in difficult times. However, 2022 saw the end of the era of cheap money and a shift in the ready availability of bank credit. This more challenging environment has continued into 2023, impacting both strategic buyers and sponsors. This session will review how corporates have had to be more creative, financing M&A deals with leveraged loans, private debt and high yield bonds.

  • Impact of interest rates and inflation on existing portfolios
  • Growth of hybrid capital solutions: debt vs. equity and the role of banks during the forecasted growing wave of NPLs vis-à-vis private debt operators. How is pricing affecting valuations?
  • Have investors pushed leverage too far? Leverage buyout and new European forms of financing
  • What opportunities are available for sponsor-less lending for mid-cap companies?
  • Alternative finance and industrial goals: corporate venture capital between open innovation and Fintech
12.20 - 12.40

Case study: Elettra 1938 Group - The FZSoNick choice

Electrification is considered the fundamental pillar to reach decarbonisation goals, which are instrumental to the long term environmental sustainability of our planet. Elettra 1938 Group, and in particular FZSoNick, is the front runner in developing and industrialising an alternative energy storage technology powered by a green, safe, circular and widely available source, ie: Salt. 

Giovanni Zola
Giovanni Zola CEO, Elettra 1938 Group
Riccardo Barili
Riccardo Barili Riccardo Barili, MD, Head of Industrial & Healthcare M&A, IMI Corporate & Investment Banking, Intesa Sanpaolo
12.40 - 13.25

Panel discussion – M&A and Private Equity sector watch: Italian market trends and drivers for 2024

As seen, the Italian M&A sector in 2023 appears to be a mix of contrasting elements of optimism and realism. So far, the Italian M&A market has shown remarkable resilience and a good ability to react and respond to difficulties. Given the quality of companies available to acquirers in Italy, and with international trends supporting the cautious positive attitude towards M&A activity, the volume of deals, if not the value, should remain pretty stable for the rest of the year. But which will be the sectors to watch? And how will corporates and funds identify possible M&A targets and what tools will they use? 

  • How is the growing trend towards near and (re) shoring of Italian manufacturing impacting target markets, aggregation strategies and the reorganisation of supply chains?
  • Sectorial analysis: how are energy transition and sustainability driving investment activity in Italy, and which sectors are particularly affected? A quick overview of the retail and consumer sectors, oil and gas, advanced manufacturing, mobility and digital
  • The move towards internationalisation of Italian funds: geographies, strategies and best models to follow
  • Permanent capital vehicles: new opportunities for long term investments
  • Are Italian take privates growing in number and value?
  • What LPs are looking for in 2024 and beyond
Vania De Feo
Vania De Feo Head of Transactional Risk Insurance, WTW Italia
Vincenzo Collarino
Vincenzo Collarino Group Controller & CRO, Edison SpA
Andrea Mignanelli
Andrea Mignanelli CEO, Cerved
Cristiano Dalla Bona
Cristiano Dalla Bona Equity Markets Senior Reporter, MERGERMARKET
13.25 - 13.30

Chair's closing remarks and end of conference

Alessandra Castelli
Alessandra Castelli Global Head Editorial Development, M&A and ECM, ION Analytics
13.30 - 14.30