Last checked against the official text on 15 October 2026. Authority: Autorità Garante della Concorrenza e del Mercato (AGCM).
Reference information, not legal advice; confirm with counsel before relying on a figure.
Current thresholds
| Test | Threshold (exceeds) | Applies | Official source | Last checked |
|---|---|---|---|---|
| Combined aggregate nation-wide (Italian) turnover of all undertakings concerned Art. 16(1), first condition |
EUR 595 million | from 16 March 2026 | AGCM, Decision 31873 of 10 March 2026 (published in Bulletin 11 of 16 March 2026) Decision 31873, operative part (first condition of Art. 16(1) of Law 287/1990) |
15 October 2026 |
| Aggregate nation-wide (Italian) turnover of each of at least two undertakings concerned Art. 16(1), second condition |
EUR 36 million | from 16 March 2026 | AGCM, Decision 31873 of 10 March 2026 (published in Bulletin 11 of 16 March 2026) Decision 31873, operative part (second condition of Art. 16(1) of Law 287/1990) |
15 October 2026 |
| Combined aggregate worldwide turnover of all undertakings concerned (call-in alternative) Below-threshold call-in, worldwide alternative (Art. 16(1-bis)) |
EUR 5 billion | from 27 August 2022 | Normattiva, Legge 10 ottobre 1990, n. 287, art. 16 Art. 16, comma 1-bis |
15 October 2026 |
Who reviews, and is filing mandatory
Concentrations in Italy are reviewed by the Autorità Garante della Concorrenza e del Mercato (AGCM). Article 16(1) of Law 287 of 10 October 1990 (Italian text, courtesy English translation) makes concentrations within Article 5 subject to prior notification to the AGCM when the turnover conditions below are met.
Notification is therefore mandatory and prior. The Act does not itself impose an automatic waiting period. Article 17 instead allows the AGCM, when it opens an investigation, to order the undertakings concerned to suspend implementation until the investigation ends. Article 19(2) provides for an administrative fine of up to one percent of turnover where the prior notification obligation is not complied with.
The tests from 16 March 2026
Both conditions of Article 16(1) must be met. The combined aggregate nation-wide turnover of all the undertakings concerned must exceed EUR 595 million, and the aggregate nation-wide turnover of each of at least two of the undertakings concerned must exceed EUR 36 million. Both are Italian turnover tests, not worldwide ones. The AGCM's thresholds page presents the same two amounts as the trigger of the obligation to notify.
The statute itself carries lower base amounts that are raised every year by the increase in the GDP price deflator index. The AGCM publishes the adjusted amounts, rounded to the nearest million euro, in its Decision 31873 of 10 March 2026, published in Bulletin 11 of 16 March 2026. The decision states that the new thresholds apply from the date of publication. For credit institutions, other financial institutions and insurers, Article 16(2) replaces turnover with income or premium measures defined in the Act.
Below-threshold call-in power
Article 16(1-bis) lets the AGCM ask the undertakings concerned to notify a concentration within thirty days even if only one of the two Article 16(1) turnover conditions is met, or if their combined aggregate worldwide turnover exceeds EUR 5 billion. The text ties the power to concrete risks to competition in the national market or a substantial part of it, and says it can be used only if no more than six months have passed since the concentration was completed. The Article 19(2) fine applies to a failure to notify after such a request.
Review periods in the Act
Under Article 16(4), the AGCM opens an investigation within thirty days of receiving the notification or becoming aware of the concentration if it considers the concentration liable to be prohibited under Article 6, and otherwise informs the undertakings within thirty days that no investigation is needed. Under Article 16(8), the AGCM communicates its conclusions within ninety days of opening the investigation; that period can be extended by no more than thirty days if the undertakings do not supply requested information in their possession.
What changed in 2026
The thresholds were adjusted on 16 March 2026 by Decision 31873. The decision does not state the previous amounts, and this page does not show earlier-year amounts because they were not confirmed against a readable official text at the date of this check. For earlier years, refer to the AGCM's published decisions and Bulletin.
What this page does not cover
This page does not cover the calculation of turnover in detail, the EU one-stop-shop and referral rules, the substantive test in Article 6, filing content and fees, the Golden Power foreign-investment screening regime, or sector-specific rules. The English text of Law 287/1990 relied on here is an unofficial AGCM translation that the AGCM says may not reflect later amendments; the Italian text on Normattiva (version in force from 31 December 2023) was read for Article 16(1) and 1-bis, and the Italian text prevails.
Changes log
- : Page published. Figures checked against AGCM Decision 31873 and the Italian text of Article 16 of Law 287/1990.
- : New thresholds apply from publication of Decision 31873 in Bulletin 11: EUR 595 million combined and EUR 36 million for at least two undertakings.
Frequently asked questions
What are the Italian merger control thresholds from 16 March 2026?
Prior notification applies when the combined aggregate nation-wide turnover of all the undertakings concerned exceeds EUR 595 million and the aggregate nation-wide turnover of each of at least two of them exceeds EUR 36 million. Both are Italian turnover tests.
Are the Italian thresholds updated every year?
Yes. Article 16(1) of Law 287/1990 provides for the amounts to be increased each year in line with the GDP price deflator index, and the AGCM publishes the adjusted figures. The latest adjustment is Decision 31873 of 10 March 2026.
Can the AGCM review a deal that is below the Italian thresholds?
Under Article 16(1-bis), the AGCM can ask the parties to notify within thirty days if only one of the two turnover conditions is met, or if combined worldwide turnover exceeds EUR 5 billion, where there are concrete risks to competition and no more than six months have passed since completion.
Is Italian merger filing suspensory?
Notification is prior and mandatory. The Act has no automatic standstill, but under Article 17 the AGCM may order the undertakings to suspend implementation when it opens an investigation, and Article 19 provides fines for implementing a concentration in breach of a prohibition or for failing to notify.