Tracked deals
76
76 tracked deals across 2025.
Infrastructure Acquisitions in 2025
Buyer mix
Mixed buyer set
50 pe · 48 strategic
Top trend
Volume peaked in 2026
103 tracked deals announced in 2026.
Buyer Snapshot
Top Buyers
Illustrative buyers pulled from tracked transactions on this page. This table is capped and intentionally non-exhaustive.
| Buyer | # Deals | Focus | Type |
|---|---|---|---|
| First Reserve | 2 | Private equity firm focused on infrastructure solutions a... | PE |
| GenNx360 Capital Partners | 2 | Middle-market private equity firm focused on industrial a... | PE |
| Helix Traffic Solutions | 2 | Provider of traffic safety and work-zone management servi... | Strategic (PE-backed) |
| KKR | 2 | Global alternative investment firm with a dedicated infra... | PE |
| MPLX LP | 2 | Diversified midstream master limited partnership operatin... | Strategic |
| Nonantum Capital Partners | 2 | Boston-based middle-market private equity firm focusing o... | PE |
| Shenandoah | 2 | Provider of underground infrastructure services including... | Strategic (PE-backed) |
| Stonepeak | 2 | Alternative investment firm specializing in infrastructur... | PE |
| TPG | 2 | Global alternative asset manager investing across sectors... | PE |
| AWP Safety | 1 | Provider of traffic control, worksite safety and traffic ... | Strategic (PE-backed) |
Acquisition Volume in Infrastructure in 2025 by Year
Last 9 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
December 29, 2025
- Buyer
- SoftBank Group Corp.
- Target
- DigitalBridge Group, Inc.
- Industry
- Infrastructure
- Location
- Florida, United States
- Type
- Buyout
SoftBank Group Corp. has entered into a definitive agreement to acquire DigitalBridge Group, Inc. in an all-cash deal valued at about $4.0 billion enterprise value. SoftBank will indirectly buy all outstanding DigitalBridge common stock for $16.00 per share, and DigitalBridge is expected to continue operating as a separately managed platform led by CEO Marc Ganzi.
-
- Buyer
- Stonepeak
- Target
- TeleTower
- Industry
- Infrastructure
- Location
- Lithuania
- Type
- Buyout
Stonepeak agreed to acquire TeleTower, Bitė Group’s towers business in Lithuania and Latvia. The transaction is expected to close in Q2 2026 and is intended to create the first fully independent tower company in the Baltics, supported by a long-term commercial partnership with Bitė for further tower rollouts and 5G expansion.
-
December 19, 2025
- Buyer
- TPG, Caisse de de9pf4t et placement du Que9bec (La Caisse), Pike management
- Target
- Pike Corporation
- Seller
- Lindsay Goldberg
- Industry
- Infrastructure
- Location
- North Carolina, United States
- Type
- Divestiture
Lindsay Goldberg has completed the sale of its interest in Pike Corporation following a 25-year partnership. The transaction transfers a majority stake to TPG and Caisse de dépôt et placement du Québec (La Caisse), alongside Pike management, positioning Pike for accelerated growth in U.S. electric-grid, renewables and telecom infrastructure services.
-
December 10, 2025
- Buyer
- Enceladus Partners
- Target
- Smith Excavating, LLC
- Seller
- Smith family / Matthew Smith (CEO)
- Industry
- Infrastructure
- Location
- North Carolina, United States
- Type
- Growth capital
Enceladus Partners, a family office, completed an investment in Smith Excavating, LLC, a second‑generation infrastructure services company headquartered in Winston‑Salem, North Carolina. Generational Group advised the transaction; Enceladus said the capital will support regional expansion, fleet and technology investments (including GIS capabilities), and partnership with CEO Matthew Smith to scale the business across the Mid‑Atlantic.
-
December 9, 2025
- Buyer
- ContextLogic Holdings Inc., Abrams Capital (via rolled equity and as largest shareholder of ContextLogic post-close)
- Target
- US Salt Parent Holdings, LLC, US Salt (collectively, US Salt Parent Holdings, LLC and its subsidiaries)
- Seller
- Emerald Lake Capital Management (funds managed by Emerald Lake)
- Industry
- Infrastructure
- Location
- New York, United States
- Type
- Buyout
ContextLogic Holdings acquired US Salt Parent Holdings, LLC (and subsidiaries) in a transaction valued at an enterprise value of approximately $907.5 million. The deal was structured with cash consideration, committed debt financing, and proceeds from ContextLogic’s registered rights offering, and it completes ContextLogic’s transformation into a “business ownership platform.”
-
December 5, 2025
- Buyer
- RadiusDC
- Target
- 55 Marietta carrier-hotel (55 Marietta Street NW, Atlanta)
- Seller
- European family office
- Industry
- Infrastructure
- Location
- Georgia, United States
- Type
- Buyout
RadiusDC has acquired the carrier-hotel facility at 55 Marietta Street NW in downtown Atlanta and will invest to add 8MW of utility capacity, increasing the site's total to 18MW. The 403,000 sq ft, 21-story facility—home to 22 on-net carriers—was purchased from a European family office; RadiusDC said the deal expands its national footprint and supplies critical, connectivity-dense capacity for hyperscalers, content providers and enterprises.
-
December 4, 2025
- Buyer
- Skyline Roofing Partners, Imperial Capital
- Target
- Dr. Roof
- Seller
- SouthPointe Ventures, Paul Stoeppelwerth
- Industry
- Infrastructure
- Location
- Georgia, United States
- Type
- Addon
Residential re-roofing and repair business Dr. Roof (headquartered in Atlanta, Georgia) was acquired by Skyline Roofing Partners, a portfolio company of Imperial Capital. Angle Advisors served as exclusive investment banking advisor to Dr. Roof in completing the transaction.
-
December 4, 2025
- Buyer
- TRP Infrastructure Services, Arlington Capital Partners
- Target
- Highway Barricades & Services, LLC
- Seller
- Mitra Khan, Bilal Khan
- Industry
- Infrastructure
- Location
- Texas, United States
- Type
- Addon
TRP Infrastructure Services, a portfolio company of Arlington Capital Partners, has acquired Highway Barricades & Services, LLC. The Corpus Christi-based pavement marking and traffic control firm will operate as TRP's South Texas division, expanding TRP's regional footprint and capabilities to better serve government customers such as the Texas Department of Transportation.
-
December 3, 2025
- Buyer
- GI Partners
- Target
- Digita Group
- Seller
- Funds managed by an affiliate of DigitalBridge
- Industry
- Infrastructure
- Location
- Finland
- Type
- Buyout
GI Partners has agreed to acquire Digita Group, a leading independent tower and broadcast infrastructure company in the Nordics with nationwide portfolios across Finland and Iceland. The deal is expected to close in the first quarter of 2026, with Digita remaining an independent portfolio company as GI Partners scales its data center and IoT platforms.
-
November 23, 2025
- Buyer
- Vantage Data Centers, GIC (affiliate), Abu Dhabi Investment Authority (ADIA) (wholly owned subsidiary)
- Target
- Yondr Group (JHB1 Johor campus)
- Seller
- Yondr Group
- Industry
- Infrastructure
- Location
- Johor, Malaysia
- Type
- Growth capital
Vantage Data Centers completed a $1.6 billion equity investment into its Asia‑Pacific platform led by an affiliate of GIC and a wholly owned subsidiary of ADIA, and used part of that capital to close the acquisition of Yondr Group’s 300MW+ hyperscale campus (JHB1) in Sedenak Tech Park, Johor, Malaysia. The deal expands Vantage’s APAC platform to roughly 1GW of operational and planned capacity and brings more than 30 Yondr APAC team members into the Vantage organization.
-
November 20, 2025
- Buyer
- Thumzup Media Corporation
- Target
- Dogehash Technologies, Inc.
- Industry
- Infrastructure
- Location
- United States
- Type
- Buyout
Thumzup Media Corporation (Nasdaq: TZUP) and Dogehash Technologies, Inc. jointly announced an all-stock acquisition in which Thumzup will acquire Dogehash. Under the terms, Dogehash shareholders will exchange 100% of their holdings for 30.7 million shares of Thumzup stock, subject to customary closing conditions and shareholder approval expected in Q4 2025.
-
November 8, 2025
- Buyer
- American Gridwork Partners, Legacy Holdings
- Target
- PMT Site
- Industry
- Infrastructure
- Location
- Tennessee, United States
- Type
- Buyout
American Gridwork Partners (AGP), a Legacy Holdings vehicle, has acquired PMT Site, a Nashville-based underground utility and site infrastructure contractor. PMT Site will remain led by founder Phil Terhaar and operate with local autonomy while gaining access to AGP's national platform, shared resources, and growth capital as AGP builds a networked delivery platform for grid modernization.
-
November 5, 2025
- Buyer
- Vero Broadband, LLC d/b/a Vero Fiber, VFN Holdings, Inc. (VFN)
- Target
- Telephone Electronics Corporation (TEC)
- Seller
- TEC Shareholders
- Industry
- Infrastructure
- Location
- Mississippi, United States
- Type
- Buyout
Vero Broadband, LLC d/b/a Vero Fiber completed its acquisition of Telephone Electronics Corporation (TEC), expanding its fiber-to-the-premise (FTTP) network across Mississippi, Alabama, and Tennessee. TEC will continue operating as an independent brand within Vero’s FTTH portfolio, while Vero plans to invest additional capital to accelerate network expansion and multi-gig service delivery.
-
- Buyer
- Macquarie Asset Management (Macquarie European Infrastructure Fund 7), LGPS Central Limited, West Midlands Pension Fund, Cheshire Pension Fund
- Target
- Bristol Airport, Birmingham Airport
- Seller
- Ontario Teachers' Pension Plan
- Industry
- Infrastructure
- Location
- England, United Kingdom
- Type
- Buyout
Macquarie Asset Management (through Macquarie European Infrastructure Fund 7), with co-investor LGPS Central Limited (on behalf of West Midlands and Cheshire Pension Funds), has reached financial close to acquire a 55% stake in Bristol Airport and a 26.5% stake in Birmingham Airport. The stakes were purchased from Ontario Teachers' Pension Plan as part of Macquarie's broader UK airports portfolio expansion.
-
October 31, 2025
- Buyer
- Sunoco LP
- Target
- Parkland Corporation
- Industry
- Infrastructure
- Location
- Alberta, Canada
- Type
- Buyout
Sunoco LP entered into a definitive agreement to acquire Parkland Corporation in a cash-and-equity transaction valued at approximately US$9.1 billion (including assumed debt), with the goal of expanding fuel supply, scale, and geographic reach. The deal received required regulatory approvals, including Investment Canada Act approval, and ultimately closed on October 31, 2025.
-
October 29, 2025
- Buyer
- Sullivan Brothers Family of Companies
- Target
- Cotton Holdings, Inc.
- Seller
- Sun Capital Partners, Inc.
- Industry
- Infrastructure
- Location
- Texas, United States
- Type
- Buyout
Sullivan Brothers Family of Companies (SBFC) has acquired Cotton Holdings, a Houston-based infrastructure support and disaster recovery services platform, from Sun Capital Partners. The deal transfers ownership to the family-founded operator, which says it will invest in expanding Cotton's service capabilities, geographic reach and long-term growth across the U.S. and internationally.
-
October 28, 2025
- Buyer
- American Water Works Company, Inc.
- Target
- Essential Utilities, Inc.
- Industry
- Infrastructure
- Location
- United States
- Type
- Buyout
American Water Works Company, Inc. and Essential Utilities, Inc. announced a definitive, all-stock, tax-free merger under which Essential shareholders will receive 0.305 shares of American Water for each share of Essential. The combination is intended to create the largest regulated water and wastewater utility in the United States, serving about 4.7 million water/wastewater connections across 17 states, with the deal expected to close in the first quarter of 2027 subject to regulatory approvals and other customary conditions.
-
October 20, 2025
- Buyer
- Aberdeen Investcorp Infrastructure Partners (AIIP) (Investcorp and Aberdeen Investments joint platform)
- Target
- Al Fadhili Field House for Real Estate Development Company
- Industry
- Infrastructure
- Location
- Eastern Province, Saudi Arabia
- Type
- Growth capital
Aberdeen Investcorp Infrastructure Partners (AIIP), Investcorp's infrastructure platform jointly owned with Aberdeen Investments, has closed the acquisition of a significant minority equity interest in Al Fadhili Field House for Real Estate Development Company and joined the partnership led by MAWREF Logistics Solutions. The investment secures a stake in the Fadhili housing complex in Saudi Arabia's Eastern Province — a 760,000m2 workforce microcity that houses roughly 2,750 Saudi Aramco employees — and marks AIIP's first investment in the Kingdom as part of its GCC/MENA infrastructure strategy.
-
- Buyer
- GreenArrow, Bear Electrical Solutions
- Target
- Earthbound Electric
- Industry
- Infrastructure
- Location
- California, United States
- Type
- Addon
GreenArrow, through its California subsidiary Bear Electrical Solutions, has acquired Earthbound Electric, a traffic-signal and streetlight contractor founded in Arroyo Grande, California. The deal expands GreenArrow's transportation electrical services footprint across California and adds local expertise in traffic signals, intelligent transportation systems and airport lighting to its platform.
-
October 13, 2025
- Buyer
- Vortex Companies
- Target
- PrimeLine Products, Inc.
- Seller
- Andy Rothenberg / Rothenberg family (founders/owners of PrimeLine Products)
- Industry
- Infrastructure
- Location
- Florida, United States
- Type
- Buyout
Vortex Companies has acquired PrimeLine Products, Inc., a national provider of trenchless technologies, equipment, materials, and training for plumbing and utility contractors. The business will be integrated with Vortex's MaxLiner division to strengthen small-diameter pipeline rehabilitation capabilities; PrimeLine founder Andy Rothenberg will remain involved as an advisor while Mason Rothenberg becomes General Manager.
-
- Buyer
- Thoma Bravo
- Target
- SDC Capital Partners
- Industry
- Infrastructure
- Location
- New York, United States
- Type
- Growth capital
Thoma Bravo has made a strategic minority investment in SDC Capital Partners, a global digital infrastructure investment firm focused on data centers, fiber, wireless and cloud-services infrastructure. The investment, funded from Thoma Bravo's balance sheet, is intended to support SDC's platform expansion as demand for AI, cloud computing and advanced technologies drives increased need for digital infrastructure.
-
October 2, 2025
- Buyer
- Parsons Corporation
- Target
- Applied Sciences Consulting, Inc.
- Industry
- Infrastructure
- Location
- Florida, United States
- Type
- Buyout
Parsons Corporation has acquired Applied Sciences Consulting, Inc., a Tampa-based civil and environmental engineering firm specializing in water and stormwater solutions. The all-cash acquisition expands Parsons' water capabilities and strengthens its presence in Florida, with Applied Sciences integrated into Parsons' North America Infrastructure business unit.
-
September 30, 2025
- Buyer
- Zachry Construction Corporation
- Target
- Crescent Constructors
- Seller
- Mike Daigre (founder of Crescent Constructors)
- Industry
- Infrastructure
- Location
- Texas, United States
- Type
- Addon
Zachry Construction Corporation has agreed to acquire Crescent Constructors, a water and wastewater infrastructure projects firm based in Plano, Texas. The deal is described as a bolt-on expansion to Zachry’s infrastructure services portfolio, aiming to strengthen its presence in the water sector while Crescent continues operating under its current name as a Zachry Construction affiliate.
-
September 24, 2025
- Buyer
- Antin Infrastructure Partners, Aquavista Watersides & Marinas management team (including CEO Steve de Polo)
- Target
- Aquavista Watersides & Marinas
- Seller
- LDC
- Industry
- Infrastructure
- Location
- Nottingham, United Kingdom
- Type
- Buyout
Antin Infrastructure Partners has signed a binding agreement to acquire Aquavista Watersides & Marinas, the UK’s largest marina infrastructure provider. The transaction is expected to close in October 2025 and follows Aquavista’s growth under LDC over a seven-year partnership.
-
September 24, 2025
- Buyer
- KKR (affiliates), Canada Pension Plan Investment Board (CPP Investments)
- Target
- Sempra Infrastructure Partners
- Seller
- Sempra
- Industry
- Infrastructure
- Location
- United States
- Type
- Divestiture
Sempra has agreed to sell a 45% equity stake in Sempra Infrastructure Partners to affiliates of KKR alongside CPP Investments, valuing the platform at an implied $22.2 billion equity value and $31.7 billion enterprise value. The deal is expected to close in the second or third quarter of 2026, subject to regulatory approvals, with proceeds paid in a phased schedule totaling $10 billion.
-
September 17, 2025
- Buyer
- Qatar Investment Authority (QIA)
- Target
- Ivanhoe Mines
- Industry
- Infrastructure
- Location
- Canada
- Type
- Growth capital
Ivanhoe Mines will issue 57,516,666 common shares to Qatar Investment Authority (QIA) in a private placement at C$12.00 per share, raising gross proceeds of approximately US$500 million. QIA will own about 4% of Ivanhoe Mines following completion, with proceeds intended to support growth opportunities in critical-minerals exploration and development.
-
September 9, 2025
- Buyer
- Shenandoah, GenNx360 Capital Partners
- Target
- Nu-Pipe LLC
- Industry
- Infrastructure
- Location
- United States
- Type
- Addon
Shenandoah, a GenNx360 Capital Partners portfolio company, has acquired Nu-Pipe LLC, a Southeast-based trenchless pipe rehabilitation contractor. Nu-Pipe founder and CEO Ashby Johnson will join Shenandoah as President of Solution Technologies, and the deal expands Shenandoah's CIPP, SAPL and grouting capabilities across the U.S.
-
September 2, 2025
- Buyer
- MPLX LP
- Target
- Northwind Delaware Holdings LLC (Northwind Midstream)
- Seller
- Five Point Infrastructure LLC
- Industry
- Infrastructure
- Location
- New Mexico, United States
- Type
- Buyout
MPLX LP has completed its $2.375 billion acquisition of Northwind Delaware Holdings LLC (Northwind Midstream), which provides sour gas gathering, treating, and processing services in Lea County, New Mexico. The acquisition strengthens MPLX’s Permian Basin natural gas and NGL value chains and is expected to be immediately accretive to distributable cash flow, with estimated incremental capital of $500 million for in-process expansion projects.
-
- Buyer
- Coltala Holdings, Coltala Water Holdings, Gladstone Capital, Lone Star Investment Advisors
- Target
- Alsay, Inc.
- Industry
- Infrastructure
- Location
- Texas, United States
- Type
- Buyout
Coltala Holdings launched Coltala Water Holdings with the acquisition of Alsay, Inc., a Houston-based water well drilling and water infrastructure services provider founded in 1960. The transaction was financed with a senior loan from Bank United and mezzanine/equity co-investment from Gladstone Capital, while Lone Star Investment Advisors remains an investor; Coltala plans to scale Alsay’s water infrastructure capabilities across Texas.
-
August 26, 2025
- Buyer
- TAQA
- Target
- GS Inima
- Seller
- GS Engineering & Construction
- Industry
- Infrastructure
- Location
- Spain
- Type
- Buyout
TAQA has signed an agreement to acquire a 100% interest in GS Inima, a global water treatment and desalination company, for approximately USD 1.2 billion. The deal is intended to expand TAQA’s international water platform by adding desalination, drinking water, and wastewater/industrial water treatment capacity under long-term concession and contract structures.
-
- Buyer
- Vertiv
- Target
- Great Lakes Data Racks & Cabinets
- Industry
- Infrastructure
- Location
- Pennsylvania, United States
- Type
- Buyout
Vertiv agreed to acquire the Great Lakes Data Racks & Cabinets family of companies for about $200 million to expand its high-density, integrated infrastructure offerings for data centers. The acquisition is intended to strengthen Vertiv’s rack and cabinet portfolio and enable pre-engineered, AI-ready solutions across enterprise, edge, colocation, and hyperscale markets.
-
- Buyer
- Zero Two, Warburg Pincus
- Target
- Evolution Data Centres
- Industry
- Infrastructure
- Location
- Singapore
- Type
- Growth capital
Zero Two has made a strategic investment in Evolution Data Centres, assuming a co-controlling position alongside Warburg Pincus to provide long-term growth capital for the expansion of hyperscale-ready data centres across Southeast Asia. The partnership will accelerate Evolution's deployment in markets including Thailand, the Philippines, and Vietnam and advance its sustainability goals through renewable energy PPAs.
-
August 4, 2025
- Buyer
- Tallvine Partners
- Target
- TRG Datacenters
- Industry
- Infrastructure
- Location
- Texas, United States
- Type
- Buyout
Tallvine Partners, a Miami-based investment advisor focused on middle-market infrastructure, has acquired TRG Datacenters, a Houston-area data center owner-operator. Tallvine plans to scale TRG as its digital infrastructure platform, supporting an expansion of TRG’s Houston campus (including up to 24 MW of new capacity) and entry into additional Texas and U.S. metro markets to serve enterprise, hosting, cloud and AI customers.
-
August 4, 2025
- Buyer
- Helix Traffic Solutions, Nonantum Capital Partners
- Target
- Highway Safety Services
- Seller
- Mike Madrid (founder and former owner)
- Industry
- Infrastructure
- Location
- Indiana, United States
- Type
- Addon
Helix Traffic Solutions, majority-owned by Nonantum Capital Partners, has acquired Highway Safety Services of Lafayette, Indiana. The add-on expands Helix's footprint in Indiana's traffic safety market (traffic control, pavement marking, flagging and equipment sales/rentals); transaction terms were not disclosed.
-
July 15, 2025
- Buyer
- CST Utilities, MFG Partners
- Target
- Daystar Directional Drilling
- Seller
- Jerry Watson III / Daystar ownership
- Industry
- Infrastructure
- Location
- Indiana, United States
- Type
- Addon
CST Utilities, a portfolio company of MFG Partners, has acquired Noblesville, Indiana-based Daystar Directional Drilling effective July 15, 2025. The deal expands CST's Midwest footprint and service offerings in underground utility drilling; Daystar's founder Jerry Watson III will remain leading the Indiana operation and retain an ownership stake.
-
July 9, 2025
- Buyer
- Legrand
- Target
- Amperio Project, Quitérios
- Industry
- Infrastructure
- Location
- Portugal
- Type
- Addon
Legrand announced it has acquired Switzerland’s Amperio Project and Portugal’s Quitérios to expand its data center and electrical/digital infrastructure capabilities. Terms were not disclosed. Both deals were described as subject to customary closing conditions.
-
July 8, 2025
- Buyer
- KKR
- Target
- ProTen Pty Limited (ProTen)
- Seller
- Aware Super
- Industry
- Infrastructure
- Location
- Australia
- Type
- Buyout
KKR and Aware Super have signed definitive agreements under which KKR-managed funds will acquire ProTen, one of Australia’s largest agricultural infrastructure businesses. The transaction is expected to close later in the year, subject to customary regulatory approvals.
-
July 2, 2025
- Buyer
- TPG Inc. (TPG)
- Target
- Peppertree Capital Management, Inc. (Peppertree)
- Industry
- Infrastructure
- Location
- Ohio, United States
- Type
- Buyout
TPG (NASDAQ: TPG) completed its previously announced acquisition of Peppertree Capital Management in a cash and equity transaction with earnouts. Peppertree’s wireless communications tower and related digital infrastructure investment strategy will operate within TPG as “TPG Peppertree.”
-
July 1, 2025
- Buyer
- DigitalBridge Group, Inc., La Caisse, DigitalBridge Fund (managed investment fund)
- Target
- Yondr Group
- Seller
- Cathexis Holdings, L.P.
- Industry
- Infrastructure
- Location
- Canada
- Type
- Buyout
DigitalBridge Group, Inc. and La Caisse have completed the acquisition of Yondr Group, a global developer, owner, and operator of hyperscale data centers, from Cathexis Holdings, L.P. The deal strengthens DigitalBridge’s and La Caisse’s digital infrastructure partnership and positions Yondr to expand hyperscale and AI-ready data center capacity. Aaron Wangenheim was appointed CEO and Sandip Mahajan appointed CFO effective immediately.
-
June 30, 2025
- Buyer
- Triton Smaller Mid Cap Fund II (advised by Triton)
- Target
- VM Suomalainen Oy, Lännen Alituspalvelu Oy, Oteran Oy, Lohkare Infra
- Industry
- Infrastructure
- Location
- Finland
- Type
- Buyout
Triton Smaller Mid Cap Fund II (advised by Triton) has created Lohkare Infra by acquiring and merging three regional Finnish infrastructure services companies — VM Suomalainen Oy, Lännen Alituspalvelu Oy, and Oteran Oy — into a decentralised national platform. The new group operates across Finland, employs ~200 people, generates nearly EUR 200 million in annual turnover with ~EUR 25 million EBIT, and will pursue buy-and-build consolidation of the fragmented Finnish infrastructure services market.
-
- Buyer
- CVC DIF, Tabreed
- Target
- PAL Cooling Holding
- Seller
- Multiply Group
- Industry
- Infrastructure
- Location
- Abu Dhabi, United Arab Emirates
- Type
- Buyout
CVC DIF, the infrastructure strategy of private markets manager CVC, and Tabreed have agreed to acquire PAL Cooling Holding from Abu Dhabi’s Multiply Group in a transaction with an equity value of approximately AED 3.8 billion. The deal covers eight long-term district cooling concessions in Abu Dhabi (served by five operating plants with additional plants under construction/planning) and is intended to expand capacity and network presence in the Abu Dhabi district cooling market, subject to regulatory approvals.
-
- Buyer
- MPE Partners, Delphi Infrastructure Group
- Target
- JMF Underground
- Seller
- Joe Fisher (Founder & CEO) and JMF management team
- Industry
- Infrastructure
- Location
- Pennsylvania, United States
- Type
- Addon
MPE Partners, alongside its portfolio company Delphi Infrastructure Group (DIG), has acquired JMF Underground, a Mechanicsburg, Pennsylvania-based provider of underground utility services specializing in horizontal directional drilling, trenching, boring and excavation. The deal is an add-on to the DIG platform to expand underground infrastructure capabilities and geographic coverage across the Mid-Atlantic and Eastern United States; financing was provided by Churchill Asset Management and BMO Sponsor Finance.
-
- Buyer
- Hunter Point Capital (HPC)
- Target
- Equitix
- Seller
- Tetragon Financial Group Limited (TFG Asset Management), Equitix management
- Industry
- Infrastructure
- Location
- United Kingdom
- Type
- Addon
Hunter Point Capital (HPC) agreed to acquire a 16.1% minority stake in Equitix at an implied enterprise value of £1.3 billion (excluding net debt). The shares are being purchased from Tetragon Financial Group (TFG Asset Management) and Equitix management, while Tetragon’s platform company TFG Asset Management will remain the majority owner and continue managing Equitix’s day-to-day operations.
-
June 14, 2025
- Buyer
- EdgeMode
- Target
- Synthesis Analytics Production Ltd.
- Industry
- Infrastructure
- Location
- Stockholm County, Sweden
- Type
- Buyout
US data center operator EdgeMode has acquired Swedish Synthesis Analytics Production Ltd. (SAPL) for $1.75 million, taking ownership of a 95MW power purchase agreement, a long-term lease on an in-development 20MW HPC data center and ~20,000 sqm of adjacent land in Marviken, Sweden. The site — rebranded EdgeMode Europe — will use immersion and seawater cooling, target HPC/AI workloads and is planned to scale beyond the initial 20MW to as much as 300MW over time.
-
June 12, 2025
- Buyer
- Clarion Capital Partners, Stellus Capital Management
- Target
- International Cybernetics
- Seller
- ICC shareholders, Management
- Industry
- Infrastructure
- Location
- Florida, United States
- Type
- Buyout
Clarion Capital Partners has invested in International Cybernetics (ICC), partnering with ICC management and shareholders to establish a Testing, Inspection, Certification and Compliance (TICC) platform focused on infrastructure testing and inspection across the U.S. and Canada. Stellus Capital Management provided unitranche senior debt financing and an equity co-investment to support the transaction; ICC will continue to be led by CEO Michael Nieminen while Mustafa Temiz will help oversee the combined platform.
-
- Buyer
- Aker ASA
- Target
- Aker Horizons ASA
- Industry
- Infrastructure
- Location
- Norway
- Type
- Buyout
Aker ASA announced a conditional share lending agreement with TRG Holding AS lending up to 430,000 shares to facilitate settlement of merger consideration shares related to Aker Horizons Holding AS’s merger with a subsidiary of Aker ASA (announced May 9, 2025). Shareholders in Aker Horizons (excluding Aker’s subsidiary Aker Capital AS) will receive merger consideration comprising cash and shares in Aker upon completion of the merger.
-
- Buyer
- First Reserve, Fortress Investment Group
- Target
- Island Energy Services, LLC
- Seller
- An affiliate of One Rock Capital Partners, LLC
- Industry
- Infrastructure
- Location
- Hawaii, United States
- Type
- Buyout
First Reserve and funds managed by affiliates of Fortress Investment Group (Fortress) agreed to acquire a majority stake in Island Energy Services (IES) from an affiliate of One Rock Capital Partners. One Rock will remain an investor in IES following the transaction, which was expected to close in the third quarter of 2025 and has since been completed.
-
- Buyer
- Corporación América Airports S.A.
- Target
- Corporación América Italia S.p.A.
- Seller
- Investment Corporation of Dubai
- Industry
- Infrastructure
- Location
- Italy
- Type
- Buyout
Corporación América Airports S.A. acquired the remaining 25% interest in Corporación América Italia S.p.A. from the Investment Corporation of Dubai via a share-swap, increasing its interest in CAI to 100%. CAI holds a 62.28% interest in Toscana Aeroporti S.p.A., the operator of Pisa and Florence airports, and the deal increases CAAP's indirect economic interest in Toscana Aeroporti and strengthens its position in the Italian airport sector.
-
May 22, 2025
- Buyer
- EQT Infrastructure VI fund, EQT
- Target
- Seven Seas Water Group
- Seller
- Morgan Stanley Infrastructure Partners (MSIP)
- Industry
- Infrastructure
- Location
- United States
- Type
- Buyout
EQT Infrastructure VI has agreed to acquire Seven Seas Water Group from Morgan Stanley Infrastructure Partners (MSIP). Seven Seas builds, owns, and operates decentralized water and wastewater treatment plants across the U.S., the Caribbean, and Latin America using its Water-as-a-Service model. The deal is subject to customary conditions and approvals.
-
May 19, 2025
- Buyer
- Apax Funds (acting through Nordahl BidCo AB), Apax Partners
- Target
- Norva24 Group AB (publ)
- Seller
- Valedo Partners Fund II AB, Nordstjernan AB
- Industry
- Infrastructure
- Location
- Sweden
- Type
- Buyout
Apax Funds (acting through Nordahl BidCo AB) completed a recommended cash offer to take Norva24 Group AB (publ) private with acceptance from roughly 98% of shareholders. The transaction follows exits by existing investors including Valedo Partners and Nordstjernan after a period of strong organic growth and more than 50 add-on acquisitions that grew Norva24 to roughly NOK 4bn in revenue.
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