North American power deals: Q1 2014 mergers & acquisitions report

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05/05/2014 by Power & utilities
North American power deals: Q1 2014 mergers & acquisitions report

At a glance

The number of deals valued at more than $50 million came in at 7, down slightly from the 9 deals from a year ago. The total value of the deals, however, grew by 46%, and the average value grew by 88%.

This report presents an analysis of North American merger and acquisition activity in the power and utilities industry.

Key Trends in Q1 2014

  • There was a decrease in the volume and value of deals greater than $50 million, with 7 deals this quarter, compared to 14 the quarter before and 12 during the third quarter of 2013. Total deal value decreased by 58% from the previous quarter from $10.3 billion to $4.4 billion. The average deal size decreased 15% from the previous quarter from $738 million to $626 million.
  • In Q4 2013 there were two large deals each greater than $3 billion, while this quarter the largest deal by UIL was $2.88 billion. Financial investors accounted for 23% of deals by value, up from 7% during the previous quarter.
  • In terms of deal type, corporate vs. asset deals remained at close to the same percentages of deal value as last quarter. Corporate deals accounted for 76% of deals and asset deals accounted for 24%. Foreign deals declined this quarter to 13% of deals by value from 46% the previous quarter. Alternative deals continued to represent a small portion of total deal value, at only 4% of deal value this quarter.

Download previous Power Deals M&A reports

Also read PwC's Global Power & Renewables Deals 2014 outlook and 2013 review.