Tracked deals
85
85 tracked deals across 2026.
Tracked deals
85
85 tracked deals across 2026.
Buyer mix
Strategic-led
70 strategic · 30 pe
Top trend
Volume peaked in 2026
85 tracked deals announced in 2026.
Buyer Snapshot
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| KKR | 4 | Global investment firm managing funds across private equi... | PE |
| I Squared Capital | 3 | Global infrastructure investment manager focused on build... | PE |
| Brookfield Asset Management | 2 | Global alternative asset manager investing across real as... | Strategic |
| Canada Pension Plan Investment Board (CPP Investments) | 2 | Public pension investment manager managing the Canada Pen... | PE |
| Enbridge Inc. | 2 | Energy infrastructure company operating and developing No... | Strategic |
| Keyera Corp. | 2 | Integrated Canadian energy infrastructure operator focuse... | Strategic |
| Partners Group | 2 | Global private markets investor focused on infrastructure... | PE |
| Singtel Group | 2 | Telecommunications and digital infrastructure operator ex... | Strategic |
| 2PointZero Group | 1 | Abu Dhabi-based investment group with energy infrastructu... | Strategic |
| A. O. Smith Corporation | 1 | Global water technology and heating solutions company man... | Strategic |
Last 8 years
Supporting Data
Hennessy Capital Investment Corp. VII (a SPAC) and ONE Nuclear Energy LLC entered a proposed business combination that would result in ONE Nuclear becoming a U.S.-listed public company on Nasdaq under the ticker “ONEN.” The transaction was later approved by Hennessy VII shareholders and closed in September 2026, with Hennessy VII domestication as a Delaware corporation and ONE Nuclear becoming its wholly owned subsidiary.
Valtir has completed its acquisition of QWICK KURB, adding modular raised-curb channelization and lane-separation systems to its roadway safety product portfolio. The combined offering is designed to strengthen Valtir’s position as a provider of roadway safety solutions for both permanent and temporary applications.
Advanced Drainage Systems (ADS) entered into a definitive agreement to acquire StormTrap Investments from PSP Capital for approximately $530 million (about $450 million net of expected tax benefits). The deal expands ADS’ stormwater management portfolio into large-volume, space-constrained stormwater storage and treatment systems, with expected closing in Q4 2026 subject to regulatory approvals.
Ampol has agreed to acquire 100% of Australian electric vehicle charging company Evie Networks for $225 million through its wholly owned subsidiary Ampol Energy. The deal will expand Ampol’s public DC fast-charging network by adding more than 1,030 charging bays, with completion targeted for the first half of 2027 subject to regulatory approvals.
Cardinal Infrastructure Group, Inc. announced the closing of its acquisition of Allied Paving Contractors. The deal expands Cardinal’s self-performing paving and related infrastructure capabilities in the Atlanta / Northern Georgia market, with Allied generating about $100 million in standalone revenue.
Select Water Solutions entered into a definitive agreement to acquire Pilot Water Solutions LLC for $700 million in an equity-and-cash deal, plus up to $15 million in additional contingent cash consideration. The transaction is expected to close in Q4 2026, pending regulatory approvals and customary closing conditions, and is intended to expand Select’s produced-water management and Delaware Basin water infrastructure network.
Vortex Companies acquired CLH & Son, Inc., an Auburn, Maine-based infrastructure contractor focused on sliplining, concrete rehabilitation, excavation, drainage improvements, and related utility services. The deal is intended to strengthen Vortex’s Northeast operations and expand the range and scale of rehabilitation projects Vortex can self-perform and deliver across the region.
Revolve Renewable Power Corp. signed definitive agreements to acquire 100% of the equity interests in the 9.6 MW Horseshoe Bend Wind Project in Montana for total consideration of US$10.48 million. The acquisition is expected to be funded through project-level debt financing from Export Development Canada (EDC) and Vancity Capital Corporation (Vancity), alongside proceeds from Revolve’s previously announced bridge credit facility with Whitfield.
Enbridge announced it has entered into a definitive agreement to acquire Tallgrass Energy’s crude oil transportation, gathering, storage, and terminaling business for $2.55 billion in cash. The assets include 75% of the Pony Express Pipeline and 51% of the Powder River Gateway system, plus associated storage and Stanchion Energy crude marketing activities.
Franklin Templeton, through its real estate subsidiary Clarion Partners, has entered into a definitive agreement to acquire a majority stake in European real assets manager Stoneshield Capital. The deal is expected to close in Q4 2026 and will expand Clarion’s European real assets platform and increase its European AUM to $13 billion.
Vertiv has agreed to acquire UtilityInnovation Group (operated as UtilityInnovation Group / Utility Innovation Holdings) for approximately $1.45 billion in cash at closing, with the potential for an additional $1.15 billion in cash tied to EBITDA targets. The combined offering is intended to extend Vertiv’s data center power capabilities upstream toward the utility interconnect using microgrid controls, onsite generation, energy-storage orchestration, and behind-the-meter power architecture.
STTGDC announced completion of its acquisition by a consortium led by KKR and Singtel, strengthening the company’s ability to scale AI-ready digital infrastructure. The company retained its leadership team and name while launching a refreshed global brand built around the "Built Ready" positioning.
SAM, a provider of geospatial and inspection services for critical infrastructure markets, announced it acquired Wilson & Associates, a geomatics and utility engineering firm based in Franklin, Tennessee. The acquisition expands SAM’s surveying, geospatial, and utility engineering capabilities and strengthens its presence across Tennessee and the broader Southeast.
Hecate Energy LLC and EGH Acquisition Corp. confirmed progress on a previously announced definitive business combination that will result in Hecate becoming a publicly listed company on Nasdaq under the ticker "HCTE." The parties updated the expected closing timeline to early Q1 2027 following the resolution of matters involving Hecate’s lenders and related litigation.
Volato Group entered into and subsequently completed a definitive merger with Alignment Engine in a transaction valued at approximately $500 million. The deal positions Volato as an AI infrastructure and data center platform player, centered on Alignment Engine’s Ohio powered industrial campus and a planned path to up to 480 MW of capacity.
Enbridge has signed a definitive agreement to acquire Salt Creek Midstream’s crude oil gathering business for US$600 million in cash. Through a wholly owned subsidiary, Enbridge will acquire 100% of the Orla and Wink North gathering systems and a 50% interest in the Delaware Crossing (DCX) system, with expected closing later in 2026 subject to customary conditions including Hart-Scott-Rodino clearance.
OceanaGold has entered into a definitive scheme implementation deed to acquire 100% of Ausgold Limited via an Australian court-approved scheme of arrangement. Under the deal, Ausgold shareholders will receive 0.03365 OceanaGold shares per Ausgold share (with a cash alternative), valuing the equity at approximately A$776 million (US$549 million).
Goldman Sachs has entered into an agreement to acquire LCN Capital Partners, a triple net lease (NNN) investment manager with about $3 billion in assets under supervision. The deal is valued at up to approximately $410 million (including upfront and deferred/contingent consideration) and is expected to close by the end of 2026, subject to approvals and customary conditions.
CVC DIF, the infrastructure investment business of CVC, has agreed to acquire a significant majority stake in firstcolo GmbH from CUBE Infrastructure. The investment, via CVC DIF Value Add IV, is intended to support firstcolo’s scalable, AI-ready and energy-efficient data center platform in Germany, with FRA7 in Rosbach vor der Höhe as the initial greenfield project.
Core Scientific, Inc. has completed its previously announced acquisition of Polaris DS LLC for approximately $444 million in cash. The purchase secures about 440 MW of in-service gross, grid-connected power capacity and supports Core Scientific’s plan to scale its Muskogee campus to approximately 1.5 GW of gross power.
Partners Group has agreed to acquire a majority stake in AVK Power Solutions and initially invest more than $1 billion of equity to scale the company’s power infrastructure platform for European data centers and AI computing facilities. The deal includes supplemental debt financing, with AVK management retaining a minority ownership stake.
Mobix Labs signed a definitive agreement to acquire Special Project Delivery, expanding its national security platform into rare earth elements, critical minerals, energy and strategic U.S. infrastructure. The announcement positions the acquisition as a step toward broader participation in defense and advanced-technology supply chains.
ONE Nuclear Energy LLC (ONE Nuclear) acquired Amino Sustainability Group, a specialized energy and digital infrastructure development advisory firm. The companies did not disclose deal terms, and Amino’s founder and managing partner, Christopher Hansmeyer, was appointed ONE Nuclear’s Chief Development Officer.
Terramont Infrastructure Partners acquired a majority interest in Hainesport Transportation Group (HTG), a vertically integrated waste collection, transfer, processing, and disposal provider with rail-served infrastructure. The deal aims to scale HTG’s short-line rail and transfer station network to expand operational coverage and add rail-served capacity. Debt financing was provided by Fifth Third Bank.
Firefly Capital Management and its affiliates acquired Gravity Power & Rental, a Houston-based provider of mobile power generation and equipment rental infrastructure. The deal creates a national “power as a service” onsite power platform to address growing US demand driven by AI, electrification, and digital infrastructure growth.
Genergy announced the acquisition of Utility Research Associates (URA), a Northeast provider of utility billing, utility data management, and sub-metering services for commercial real estate owners. The deal expands Genergy’s utility data and infrastructure management platform and gives URA customers access to Genergy’s UM2.0 Utility & Infrastructure Intelligence Platform.
Xylem (through a subsidiary) has signed a definitive agreement to acquire WaterFleet from investment funds managed by EagleTree Capital and its co-investors for approximately $200 million. WaterFleet provides mobile water and wastewater utility services and workforce relief solutions for remote and infrastructure-critical sites.
NorthWestern Energy Group and Black Hills Corporation entered into an all-stock merger agreement that combines the two electric utility operators into an equal partnership. Shareholders approved the merger and multiple regulators (FERC, Nebraska, and South Dakota public utility commissions) have already approved it; Montana regulatory approval remains and the companies expect closing by year-end 2026.
Morgan Stanley Investment Management, through funds managed by Morgan Stanley Infrastructure Partners, has agreed to acquire Epic Energy, an Australian gas pipeline operator. The deal is expected to close in the second half of 2026, subject to regulatory approvals, and financial terms were not disclosed.
DCC Energy has agreed to a recommended £5.75 billion (about $7.7 billion) all-cash acquisition by a consortium led by KKR and Energy Capital Partners, which would take the company private. The deal values DCC shareholders at 6,525 pence per share in cash plus a previously declared final dividend, with potential upside tied to the sale of DCC’s Nexora technology business. The transaction is subject to shareholder approval and regulatory clearances.
Iberdrola has agreed to acquire an 80% equity stake in Caruna, Finland’s largest electricity distribution company, in a transaction valuing 100% of Caruna at approximately €5 billion (including financial debt). Nordic pension funds AMF and Elo will retain their existing combined 20% interest. The deal is expected to close in the first quarter of 2027, subject to regulatory approvals.
Brookfield entered into an agreement to acquire Aypa Power, a leading North American battery energy storage platform, from funds managed by Blackstone Energy Transition Partners for approximately $7 billion enterprise value at closing (equity value of about $3 billion). The deal includes Aypa’s operating, under-construction and contracted project portfolio, its development platform, and roughly 200 employees.
Prologis announced its best and final proposal to acquire the entire issued and to be issued share capital of SEGRO plc, combining newly issued Prologis shares with a partial cash alternative. The offer is structured as 0.0920 new Prologis shares for each SEGRO share plus up to £3.5 billion of optional cash (25% of consideration), subject to pro-rata scale-back.
Tactical Resources Corp. announced the exchange ratio under its previously announced business combination with Plum Acquisition Corp. III. Following amalgamation transactions, Tactical will continue as a wholly owned subsidiary of a new parent entity (“New PubCo”), renamed Tactical Resources Corp., with the deal expected to close on July 28, 2026 and New PubCo shares expected to trade on Nasdaq.
Brookfield Asset Management and Canada Pension Plan Investment Board (CPP Investments) have entered into a definitive merger agreement to acquire LXP Industrial Trust in an all-cash transaction valued at approximately $5.2 billion, including net debt and preferred equity. LXP shareholders will receive $61.20 per share in cash, and the deal is expected to close in the fourth quarter of 2026, subject to customary approvals and conditions.
ePointZero, a subsidiary of 2PointZero Group, completed an all-cash USD 2.25 billion acquisition of Traverse Midstream Partners, LLC. The deal gives ePointZero minority, non-operated interests in two U.S. midstream assets: a 35% stake in the Rover Pipeline and a 25% stake in the Ohio River System, both operated by Energy Transfer.
AirLife Gases Private Limited signed a definitive agreement to acquire a controlling stake in GNG, a U.S.-based helium gathering, processing, and liquefaction infrastructure company. The deal is intended to integrate upstream-to-end-customer helium capabilities and includes GNG’s Lisbon Valley Gas Processing Complex in Utah, which is expected to undergo recommissioning before returning to commercial production.
Intrepid Fiber Networks entered into a definitive agreement to acquire Ubiquity’s Southern California fiber network in San Diego County. The in-service fiber-to-the-premises network covering Solana Beach, Encinitas, Carlsbad, and Oceanside will remain a wholesale open-access model under Intrepid, with Ubiquity’s Southern California operations and employees transitioning to Intrepid management.
Unitil Corporation completed the acquisition of two regulated water utilities—Aquarion Water Company of New Hampshire, Inc. and Abenaki Water Co., Inc.—from the Aquarion Water Authority. The purchase price was $55.8 million (including assumed debt), and Unitil expects the deal to be earnings accretive over the long term.
EDF signed an agreement under which KKR will acquire the operations and assets of EDF Power Solutions in the United States and Canada. The deal values the business at approximately $4.2 billion, with potential additional earnout payments of up to $390 million, and is expected to close in the second half of 2026 subject to regulatory approvals.
Premier Energy PLC arranged an €825 million bridge-to-bond acquisition financing to fund its planned acquisition of Evryo Group, including Distributie Energie Oltenia, from Macquarie Asset Management. The financing involves a secured €825 million bridge facility agreement and related collateral documentation.
Keyera Corp. acquired the remaining 50% non-operating interest in the KAPS Pipeline from Stonepeak for C$1.215 billion, giving Keyera full ownership and operational control of the system. The transaction closed concurrently with Keyera’s announcement on June 17, 2026.
Talen Energy has completed the acquisition of the Lawrenceburg Power Plant in Indiana and the Waterford Energy Center and Darby Generating Station in Ohio from Energy Capital Partners (ECP). The deal adds efficient baseload generation, expands Talen’s presence in the western PJM market, and diversifies its fleet. ECP received 2.4 million shares of Talen common stock and approximately $2.55 billion in cash, with cash subject to post-closing working capital adjustments.
Premium Service Brands (PSB), a home services franchisor, announced the acquisition of Wise Coatings, a residential and commercial floor coatings franchise organization. Wise Coatings operates about 22 locations across 20 states and will be added to PSB’s growing home services platform to support national franchise growth and a more connected homeowner ecosystem.
Stark Power entered into a definitive agreement to acquire 100% of Sagebrush Infrastructure Partners, a developer of hyperscale data centers and co-located natural gas-fired power plants. The deal secures a portfolio of five data center campuses under development totaling about 5.6 GW of IT capacity across the Central United States.
Oldcastle Infrastructure has acquired Axius Water, bringing Axius’s secondary wastewater treatment and nutrient removal technologies into Oldcastle’s connected water infrastructure portfolio. The combination is intended to expand Oldcastle’s technical coverage and deliver more integrated, system-level water solutions for municipal and industrial customers.
Tennessee American Water completed its acquisition of Tennessee Water Service’s water system on June 1, 2026. The deal adds about 480 customer connections and one employee, strengthening Tennessee American Water’s local service capabilities and customer offerings.
American Water Works Company, Inc. (through multiple state subsidiaries including Indiana American Water and Illinois American Water) completed its acquisition of regulated water and wastewater system assets from Nexus Regulated Utilities, a subsidiary of Nexus Water Group. The approximately $315 million (cash, subject to adjustment) transaction closed June 1, 2026 and expands American Water’s footprint in eight U.S. states, adding roughly 47,000 customer connections.
Voltera and Revel have entered into a definitive agreement to combine to build, own, and operate fast-charging networks purpose-built for autonomous vehicles, electric fleets, and ride-hail deployment in dense urban markets. The combined platform is expected to have more than 1,000 charging stalls operational and under development across 11 major U.S. metro areas, operating under the Voltera brand with Revel CEO Frank Reig leading post-closing. EQT will be the majority owner, while Global Infrastructure Partners (BlackRock) retains a minority stake as Revel’s existing lead sponsor.
I Squared Capital has entered into a definitive purchase and sale agreement to acquire a portfolio of ten U.S. data center facilities from Cogent Fiber, LLC, an indirect wholly owned subsidiary of Cogent Communications, for $225 million in cash. The acquisition is intended to seed a new U.S. data center operating platform focused on colocation, high-density deployments, and AI inference infrastructure, with I Squared committing up to $1 billion to build the platform.
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