US infrastructure M&A deals insights: H2 2018

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Infrastructure deal value and volume increased in H2 2018 relative to H1 2018 and H2 2017, a potential sign of sustained growth within the US infrastructure deals pipeline and an increased utilization of the dry capital allocated to the US infrastructure sector.

New infrastructure focused legislation continues to be introduced on the federal and state level, while additional regulatory guidance has been released in H2 2018 related to US tax reform considerations. These developments, coupled with ever-changing technology advancements and increased investment in the telecommunications, transportation, and social sub-sectors, reflect a strong outlook for the US market and the emergent investor base currently poised to take advantage of the long-anticipated sector maturation.

US infrastructure M&A deals insights: H2 2018

“There are many disruptors currently at play in the US infrastructure market – legislative and regulatory developments, changing technological capabilities, expanded P3 opportunities, and the overall public focus on infrastructure projects. These factors have led to increased fundraising efforts dedicated to US infrastructure projects and reflect an increasingly active deals market across all sub-sectors.”

- Darin Siders,US Infrastructure Deals Leader

Key trends/highlights

  • The US Infrastructure sector has maintained its recent growth trends, increasing in total deal value and total deal volume as compared to both H1 2018 and H2 2017. Average deal size decreased slightly relative to H1 2018 and increased as compared to H2 2017. Regardless, the total deal value for H2 2018 was the highest since H1 2016.
  • Renewables continue to represent the highest deal volume by sub-sector. While Power/Midstream has maintained its position as the leading sub-sector by total deal value, the total deal value attributable to Renewables has seen a significant uptick in recent periods.
  • Maintaining a historical pattern, P3s represented only a small portion of the top US infrastructure deals in H2 2018, both by value and volume.

Contact us

Darin Siders

Partner, Capital projects & infrastructure (Mergers & Acquisitions), PwC US

Daryl Walcroft

Principal, US Capital Projects & Infrastructure Leader, PwC US

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