Deal value returned to the strongest level since Q2 2018, even in the absence of any mega deals ($5+ billion), driven largely by deals from financial investors. The J.P. Morgan and El Paso deal was the largest deal this quarter and it highlights investments made by financial investors in the sector, as they see potential for attractive returns. Additionally, we saw a continuation of themes in the Power & Utilities deals market this quarter, with yield, access to infrastructure, rebalancing portfolios, and balance sheet rationalization driving deal activity. Renewables played a more limited role in deal value this quarter with 26%, however continued to represent a focus area for deal activity.
Jeremy R. Fago
Principal, US Power & Utilities Deals Leader, PwC US
US Power & Utilities Deals Principal, PwC US