M&A processes in the Italian multi-utility industry: accomplishment of a political project, chance for growth and value creation. An industry analysis starting from a case study of Acea S.p.A.

Abstract: This M.Sc. Thesis aims to investigate on the reasons at the basis of the M&A operations that, in the last few years, are radically changing the structure and the dynamics of the multi-utility industry in Italy. Through an initial inquiry of the path that has gradually brought to the current industrial organization, and a following insight of the present scenario, the Research sets the foundations to better understand the subsequent empirical study and final analysis. The features actually characterising and affecting the industry are explored starting from a case study of the Rome-based multi-utility Acea S.p.A., which however constitutes only a sub-section of the Empirical Findings. As a matter of fact, the latter analyse at the same time both the internal forces – as the other main players’ resources, capabilities and outlooks – and the external factors – referred to as the Italian political, legislative and competitive framework as well as some global macro-economic trends – which directly influence and guide the M&A dynamics in the Italian multi-utility industry. The combination of the historical and theoretical framework with the findings from the empirical study eventually allows to end up with the work’s outcomes regarding the main drivers of the type of operations object of the Research, which are provided and construed at the end of the paper.