Recent Utilities Acquisitions
Acquisition Volume in Utilities by Year
Last 5 years
This page summarizes recent acquisition activity across the Utilities sector, with examples from regulated water and wastewater systems, electric distribution services, gas networks and utility technology platforms. Transactions range from local water-system transfers in California and Pennsylvania to large infrastructure and financing moves in Europe.
Buyers include regulated investor‑owned utilities such as California American Water, New Jersey American Water, and Aqua Pennsylvania (Essential Utilities, Inc.), strategic operators like Italgas, and investors or sponsors including Macquarie Asset Management and Lime Rock New Energy. Several deals also focus on technology and analytics—for example, MOBILTEX Data Ltd. acquiring WATERing and Honeywell buying smart energy platforms from SparkMeter—reflecting growing emphasis on grid modernization and operational analytics.
What Stands Out
- Regulated water-system rollups and municipal-to-private transfers appear frequently, led by subsidiaries of American Water (e.g., California American Water, New Jersey American Water) and Aqua Pennsylvania.
- Technology and analytics acquisitions target grid modernization and operational optimization (examples: MOBILTEX Data Ltd. + WATERing; Honeywell + SparkMeter platforms; E Source + Opinion Dynamics).
- Strategic platform and service expansions: add‑on deals and growth investments expand geographic reach and field capabilities (e.g., East Coast Power adds overhead distribution services; Lime Rock invests in Hawk Line Construction).
- Transactions include both U.S. state-level deals (California, Pennsylvania, New Jersey, Indiana, Missouri, Massachusetts, District of Columbia) and international moves (e.g., Italgas in Italy; Macquarie Asset Management support for Southern Water in the U.K.).
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February 19, 2026
- Buyer
- Portland General Electric Company, Manulife Investment Management (including Manulife Infrastructure Fund III, L.P. and affiliates such as John Hancock Life Insurance Company (USA))
- Target
- PacifiCorp select Washington state generation, transmission, and electric utility operations (Chehalis natural gas plant, Goodnoe Hills wind facility, Marengo I and II wind facilities; and associated transmission/distribution utility operations)
- Seller
- PacifiCorp
- Industry
- Utilities
- Location
- Oregon, United States
- Type
- Buyout
Portland General Electric (PGE) has agreed to acquire select Washington state generation, transmission, and electric utility operations from PacifiCorp for $1.9 billion. The deal adds approximately 140,000 Washington customers and includes three generation facilities plus about 4,500 miles of transmission and distribution lines, with regulatory reviews expected to complete about 12 months after filing.
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January 6, 2026
- Buyer
- East Coast Power, A&M Capital Partners
- Target
- United Powerline Solutions
- Industry
- Utilities
- Location
- Indiana, United States
- Type
- Addon
East Coast Power (ECP), a portfolio company of A&M Capital Partners, has acquired United Powerline Solutions (UPS), a Haubstadt, Indiana–based provider of overhead distribution services for electric utilities across the Midwest. The add-on expands ECP’s geographic footprint, distribution services capabilities and storm-response capacity as the platform pursues nationwide growth amid grid modernization and infrastructure investment.
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December 9, 2025
- Buyer
- California American Water, American Water
- Target
- Yerba Buena Water Company
- Seller
- Yerba Buena Water Company
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
California American Water has completed the acquisition of the Yerba Buena Water Company water system, a regulated system serving approximately 250 customers after receiving CPUC approval. The acquisition will transfer service to California American Water immediately and is part of the company’s ongoing inorganic growth in California.
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November 18, 2025
- Buyer
- Lime Rock New Energy
- Target
- Hawk Line Construction
- Industry
- Utilities
- Location
- Missouri, United States
- Type
- Growth capital
Funds managed by Lime Rock New Energy have made a growth investment in Hawk Line Construction to provide capital and strategic resources for expanding the company’s service capabilities and geographic reach. Hawk’s co-owners and leadership will remain in place and retain significant ownership; financial terms were not disclosed.
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- Buyer
- New Jersey American Water, American Water (parent company)
- Target
- South Orange Village water system
- Seller
- South Orange Village (municipality)
- Industry
- Utilities
- Location
- New Jersey, United States
- Type
- Buyout
New Jersey American Water completed the $19.7 million purchase of the South Orange Village water system, adding roughly 5,000 customer connections and obtaining municipal consent after a voter referendum. The utility plans up to $50 million in infrastructure investments over the next 10 years to modernize aging mains, remove lead and galvanized service lines, and improve service reliability.
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September 10, 2025
- Buyer
- Italgas
- Target
- 2i Rete Gas
- Seller
- F2i (Fondi Italiani per le Infrastrutture), Finavias, APG Asset Management, Ardian
- Industry
- Utilities
- Location
- Italy
- Type
- Buyout
Italgas has completed the acquisition of 2i Rete Gas, consolidating its position as Europe's largest gas distribution system operator and expanding its network and customer base. The deal—purchased from infrastructure investors including F2i, Finavias, APG and Ardian—adds tens of thousands of kilometers of pipeline and millions of customers to Italgas's operations.
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August 22, 2025
- Buyer
- Honeywell
- Target
- SparkMeter
- Seller
- SparkMeter
- Industry
- Utilities
- Location
- District of Columbia, United States
- Type
- Divestiture
Honeywell is acquiring three utility platforms — Praxis, GridScan and GridFin — from SparkMeter to expand its Smart Energy portfolio and enhance Honeywell Forge Performance+ for Utilities. The deal transfers key grid-management technologies and analytics to Honeywell to help utilities modernize their grids and improve planning, operations and financial performance.
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August 19, 2025
- Buyer
- California American Water
- Target
- Bass Lake Water Company
- Seller
- Bass Lake Water Company
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
California American Water applied to the California Public Utilities Commission to purchase the potable water distribution system of Bass Lake Water Company in Madera County, California. The acquisition was later completed and California American Water began serving Bass Lake customers on August 19, 2025.
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August 19, 2025
- Buyer
- E Source, Align Capital Partners
- Target
- Opinion Dynamics
- Industry
- Utilities
- Location
- Massachusetts, United States
- Type
- Addon
E Source, a utilities-focused company backed by Align Capital Partners, has acquired Opinion Dynamics to strengthen its program evaluation, research, and advisory capabilities for utilities. The acquisition expands E Source's ability to deliver end-to-end utility customer and grid-edge solutions—particularly in areas like energy efficiency, electrification, decarbonization, and load flexibility.
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- Buyer
- Brookfield
- Target
- Duke Energy Florida
- Seller
- Duke Energy
- Industry
- Utilities
- Location
- United States
- Type
- Growth capital
Duke Energy announced a definitive agreement for Brookfield to acquire a 19.7% indirect equity interest in Duke Energy Florida for $6 billion in cash. Duke Energy will retain 80.3% and continue to operate the utility, with the investment supporting Duke Energy Florida’s grid modernization, resiliency projects, and generation enhancements while also strengthening Duke Energy’s balance sheet.
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July 22, 2025
- Buyer
- Aqua Pennsylvania, Essential Utilities, Inc.
- Target
- City of Beaver Falls Wastewater System
- Seller
- City of Beaver Falls
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Divestiture
Essential Utilities' subsidiary Aqua Pennsylvania has completed the $37.75 million purchase of the City of Beaver Falls wastewater system in Beaver County, Pennsylvania. The Pennsylvania Public Utility Commission approved the sale on June 18, 2025; Aqua Pennsylvania plans about $10 million in infrastructure investments over the next decade and will integrate roughly 3,200 customers (plus bulk transmission for ~3,800 EDUs) into its system.
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July 1, 2025
- Buyer
- Macquarie Asset Management (consortium lead), MAM-managed funds and co-investors
- Target
- Southern Water
- Industry
- Utilities
- Location
- West Sussex, United Kingdom
- Type
- Recapitalization
A consortium led by Macquarie Asset Management has committed an initial £655 million of binding equity to Southern Water, with intent to provide up to a further £545 million by December 2025 (totaling up to £1.2 billion). The equity injection will fund Southern Water's 2025–2030 investment programme and help reduce legacy holding debt to improve the company's financial resilience.
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- Buyer
- Pennsylvania American Water
- Target
- Manwalamink Water and Sewer Company
- Seller
- Manwalamink Water and Sewer Company (owners)
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Divestiture
Pennsylvania American Water has completed the acquisition of the water and wastewater systems serving approximately 1,260 water and 1,260 wastewater connections from Manwalamink Water and Sewer Company in Middle Smithfield and Smithfield townships, Monroe County, Pennsylvania. The acquisition—approved by the Pennsylvania Public Utility Commission—transfers operations to Pennsylvania American Water, which plans more than $7 million in system improvements over the next five years to meet regulatory, safety and security standards.
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- Buyer
- California American Water, American Water
- Target
- Mesa Del Sol water system
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
California American Water, a subsidiary of American Water, has acquired the Mesa Del Sol water system in the Corral de Tierra area of Salinas, adding 15 customer connections. The acquisition follows a physical interconnection with California American Water's Toro Park system to resolve water quality issues and will give new customers access to the company's bilingual customer service, online billing, conservation programs and affordability offerings.
-
April 1, 2025
- Buyer
- Delta Utilities, Bernhard Capital Partners
- Target
- CenterPoint Energy's natural gas distribution businesses in Louisiana and Mississippi
- Seller
- CenterPoint Energy
- Industry
- Utilities
- Location
- United States
- Type
- Addon
Delta Utilities, a Bernhard Capital Partners portfolio company based in New Orleans, has completed the acquisition of CenterPoint Energy's three regulated natural gas local distribution companies serving communities across Louisiana and Mississippi. The deal transfers roughly 12,000 miles of main pipeline and about 380,000 residential and commercial customers to Delta Utilities, expanding the platform's regulated utility footprint in the Gulf South.
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- Buyer
- Hydro One Networks Inc., Hydro One Limited
- Target
- East‑West Tie Limited Partnership
- Industry
- Utilities
- Location
- Ontario, Canada
- Type
- Buyout
Hydro One Networks Inc., a wholly‑owned subsidiary of Hydro One Limited, completed the acquisition of an approximately 48% interest in the East‑West Tie Limited Partnership for roughly $261 million (inclusive of closing adjustments). The partnership owns the 450‑kilometre, 230‑kV East‑West Tie transmission line between Wawa and Thunder Bay, Ontario; remaining owners include the Bamkushwada Limited Partnership (approx. 3.5%) and affiliates of NextEra Energy Canada (approx. 48%).
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January 31, 2025
- Buyer
- Badger Meter, Inc.
- Target
- SmartCover Systems
- Seller
- XPV Water Partners
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
Badger Meter, Inc. has acquired SmartCover Systems from XPV Water Partners, adding real-time sewer and lift station monitoring to its BlueEdge suite of water management solutions. The acquisition expands Badger Meter’s capabilities in collection system monitoring and brings SmartCover’s sensor- and data-driven remote monitoring technology and customer base into Badger Meter’s global smart water offering.
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January 23, 2025
- Buyer
- Alvarez & Marsal Capital Partners (A&M Capital) / AMCP III
- Target
- East Coast Power
- Industry
- Utilities
- Location
- New York, United States
- Type
- Buyout
Alvarez & Marsal Capital Partners Fund III (AMCP III), through an affiliate of A&M Capital, signed a definitive agreement to acquire a majority stake in East Coast Power (ECP), a fast-growing electric utility services provider headquartered in Albany, New York. The partnership will fund ECP's national expansion through organic growth and strategic M&A while founder Darren Donohue remains a large shareholder and operating executive.
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- Buyer
- Northwest Natural Holding Company
- Target
- SiEnergy Operating, LLC
- Seller
- SiEnergy Capital Partners, LLC, Ridgewood Infrastructure (80% interest via SiEnergy Capital Partners affiliate)
- Industry
- Utilities
- Location
- United States
- Type
- Buyout
Northwest Natural Holding Company (NYSE: NWN) entered into an agreement to acquire SiEnergy Operating, LLC from SiEnergy Capital Partners, LLC for $273 million in cash plus the assumption of $152 million of debt. Ridgewood Infrastructure announced the successful sale of its 80% interest in SiEnergy to Northwest Natural.
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November 21, 2024
- Buyer
- Pennsylvania American Water, American Water
- Target
- Farmington Township water and wastewater system, Corner Water Supply and Service Corporation
- Seller
- Farmington Township, Corner Water Supply and Service Corporation (owned/operated by the families of William G. Patterson and Woody Weaver; principal owner Tom Weaver)
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Buyout
Pennsylvania American Water, a subsidiary of American Water (NYSE: AWK), completed the acquisition of the Farmington Township water and wastewater systems in Clarion County, Pennsylvania and signed (and later completed) an agreement to acquire the Corner Water Supply and Service Corporation water system. Combined consideration was reported at roughly $5.8 million (Corner Water was later reported sold for $250,000), and Pennsylvania American Water plans multi‑million dollar investments to upgrade and regionalize the systems to improve reliability and meet regulatory standards.
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- Buyer
- Illinois American Water, American Water
- Target
- Metro East Sanitary District (MESD) wastewater system
- Seller
- Metro East Sanitary District
- Industry
- Utilities
- Location
- Illinois, United States
- Type
- Divestiture
Illinois American Water completed its $8.4 million acquisition of the Metro East Sanitary District (MESD) wastewater system, adding roughly 5,600 customers to its Metro East footprint near St. Louis. The purchase (approved by the Illinois Commerce Commission) includes the Eagle Park and Lansdowne wastewater systems and positions Illinois American Water to invest in infrastructure and operational improvements across the MESD assets.
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- Buyer
- New Jersey American Water, American Water
- Target
- Wastewater collection system of the Borough of Manville
- Seller
- Borough of Manville
- Industry
- Utilities
- Location
- New Jersey, United States
- Type
- Divestiture
New Jersey American Water, a subsidiary of American Water, completed the $6.5 million purchase of the Borough of Manville’s wastewater collection system, adding approximately 4,300 wastewater customers. The sale—approved by municipal referendum and state consent—transfers system ownership to the utility, which committed to invest a minimum of $10 million in wastewater improvements over the next ten years.
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- Buyer
- Pennsylvania American Water, American Water
- Target
- Butler Area Sewer Authority
- Seller
- Butler Area Sewer Authority
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Buyout
Pennsylvania American Water, a subsidiary of American Water, completed the $230 million purchase of the Butler Area Sewer Authority (BASA) wastewater system in Butler County, Pennsylvania. The acquisition adds more than 15,000 customer connections and Pennsylvania American Water plans to invest over $75 million in system upgrades while BASA will use proceeds to eliminate approximately $49 million in debt.
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October 1, 2024
- Buyer
- Enbridge Inc.
- Target
- Public Service Company of North Carolina, Incorporated (PSNC)
- Seller
- Dominion Energy, Inc.
- Industry
- Utilities
- Location
- North Carolina, United States
- Type
- Buyout
Enbridge Inc. has completed the acquisition of Public Service Company of North Carolina, Incorporated (PSNC) from Dominion Energy. PSNC — a regulated single-state natural gas utility serving over 600,000 customers with more than 13,000 miles of pipeline — will operate as Enbridge Gas North Carolina and join Enbridge's Gas Distribution and Storage business unit.
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September 25, 2024
- Buyer
- LP First Capital, Graycliff Partners, Brookside Capital Partners
- Target
- REI Utility Services
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
LP First Capital has acquired REI Utility Services, a Texas-based provider of joint-use management and field engineering services for electric cooperatives. The transaction was supported by unitranche debt and an equity co-investment from Graycliff Partners and Brookside Capital Partners; REI's management team will remain in place as the firm pursues geographic and service expansion.
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September 5, 2024
- Buyer
- Indiana American Water, American Water
- Target
- Silver Creek Water Corporation
- Seller
- Members of Silver Creek Water Corporation, Silver Creek Water Corporation board of directors
- Industry
- Utilities
- Location
- Indiana, United States
- Type
- Buyout
Indiana American Water (a subsidiary of American Water) received regulatory approval and completed the $45 million acquisition of Silver Creek Water Corporation, bringing roughly 8,000 customers into INAW's Southern Indiana operations. The member-owned utility's board and members approved the sale, and Silver Creek employees will join Indiana American Water following closing on November 6, 2024.
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July 31, 2024
- Buyer
- Jones Capital
- Target
- Dark Horse Electric
- Industry
- Utilities
- Location
- Tennessee, United States
- Type
- Recapitalization
Jones Capital completed a recapitalization of Dark Horse Electric, a Sunbright, Tennessee-based provider of vegetation management and power line construction services for utilities and public-sector customers. The transaction will provide growth capital and operational support to expand Dark Horse's service capabilities and geographic reach while the company continues to operate from its Sunbright headquarters.
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- Buyer
- Urbint
- Target
- WRM Software
- Industry
- Utilities
- Location
- Connecticut, United States
- Type
- Buyout
Urbint has acquired WRM Software, a provider of utility incident management and storm response applications, making WRM a wholly owned subsidiary. The acquisition extends Urbint’s AI-driven risk platform to include storm response and incident management capabilities for utilities and critical infrastructure operators.
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- Buyer
- AM Conservation, Franklin Energy
- Target
- Energy Federation, Inc. (EFI)
- Seller
- Energy Federation, Inc. (EFI)
- Industry
- Utilities
- Location
- Massachusetts, United States
- Type
- Buyout
AM Conservation, the products division of Franklin Energy, has agreed to purchase the assets of Energy Federation, Inc. (EFI) to combine product lines and marketplace capabilities and become a more comprehensive provider of products and marketplace solutions to the utility industry. Because EFI is a nonprofit, the closing is conditioned on final approval from the Massachusetts Attorney General and the Massachusetts Supreme Judicial Court.
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- Buyer
- Undisclosed buyer
- Target
- GridTek Utility Services
- Seller
- First Reserve
- Industry
- Utilities
- Location
- Florida, United States
- Type
- Divestiture
GridTek Utility Services, a U.S.-based provider of repair, maintenance, installation and upgrade services for electric transmission and distribution infrastructure, has been sold by private equity firm First Reserve. Financial terms and the buyer were not disclosed; advisors on the transaction included Harris Williams (financial) and Simpson Thacher & Bartlett LLP (legal).
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- Buyer
- Presque Isle Electric & Gas Co-op (PIE&G)
- Target
- Aurora Gas Co.
- Seller
- John and Helen Tierney family
- Industry
- Utilities
- Location
- Michigan, United States
- Type
- Buyout
Presque Isle Electric & Gas Co-op (PIE&G) has purchased all outstanding stock of Aurora Gas Co., bringing Aurora’s roughly 2,800 natural gas accounts into PIE&G’s membership. The acquisition expands PIE&G’s natural gas service footprint by about 28%, increases its membership base, and preserves the investment of the selling Tierney family in the Onaway, Michigan community.
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- Buyer
- ČEZ Group
- Target
- Czech Grid Holdings
- Seller
- Macquarie Asset Management (on behalf of managed funds)
- Industry
- Utilities
- Location
- Czech Republic
- Type
- Divestiture
ČEZ Group has agreed to buy a 55.21% stake in Czech Grid Holdings (owner of GasNet and GasNet Služby) from Macquarie Asset Management for an enterprise value of approximately €4 billion. The transaction covers the Czech Republic's largest gas distribution network — roughly 65,000 km of pipelines serving 2.3 million connection points — and is expected to reach financial close in Q3 2024.
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March 5, 2024
- Buyer
- Itron, Inc.
- Target
- Elpis Squared
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
Itron, Inc. has acquired Elpis Squared, a Newport Beach–based provider of software and services for utility grid operations, effective March 5, 2024. The deal expands Itron's Grid Edge Intelligence portfolio by adding Elpis Squared's RE|Grid Suite and expertise in distribution grid planning, operations and engineering to accelerate grid modeling, analytics and operational use of high-resolution grid edge data.
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February 22, 2024
- Buyer
- Levine Leichtman Capital Partners
- Target
- USA Water
- Seller
- Warren Equity Partners
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
Levine Leichtman Capital Partners (LLCP) has acquired USA Water from Warren Equity Partners, with management reinvesting and continuing to lead the company. Headquartered in Rosenberg, Texas, USA Water provides operations and maintenance (O&M) services for water and wastewater systems across the Southeast United States; LLCP plans to broaden its service capabilities and geographic footprint through organic growth and strategic acquisitions.
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December 20, 2023
- Buyer
- Macquarie Asset Management (Macquarie European Infrastructure Fund 7), Infracapital (M&G Plc) -- retained 50% stake
- Target
- Last Mile Infrastructure Group
- Seller
- Infracapital
- Industry
- Utilities
- Location
- Scotland, United Kingdom
- Type
- Recapitalization
Macquarie Asset Management (via Macquarie European Infrastructure Fund 7) has acquired a 50% stake in Last Mile Infrastructure Group from Infracapital, with Infracapital retaining the remaining 50%. Last Mile, one of the UK’s largest independent network owners that designs, builds, owns and operates last-mile electricity, gas, water and wastewater networks, will benefit from the partnership to support growth and energy-transition opportunities across the UK. The transaction remains subject to regulatory approvals.
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October 31, 2023
- Buyer
- Indiana American Water
- Target
- Sunset Village water system (Bushman's Lake)
- Seller
- Tina Beckort
- Industry
- Utilities
- Location
- Indiana, United States
- Type
- Divestiture
Indiana American Water purchased the Sunset Village water system (serving the Bushman's Lake community) from owner Tina Beckort, adding about 100 water customers and roughly 270 residents to its service area. The $150,000 transaction was approved by the Indiana Utility Regulatory Commission on August 2, 2023 and closed October 31, 2023, expanding Indiana American Water's presence in southeast Indiana and providing the small system access to the company's operations, capital and customer service resources.
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October 2, 2023
- Buyer
- West Virginia American Water, American Water
- Target
- Jefferson Utilities, Valley Water and Sewer Services, Shenandoah Junction Public Sewer, East Jefferson Sewer Services
- Seller
- Lee Snyder
- Industry
- Utilities
- Location
- West Virginia, United States
- Type
- Buyout
West Virginia American Water, a subsidiary of American Water, completed the acquisition of Jefferson Utilities (including assets of Valley Water and Sewer Services, Shenandoah Junction Public Sewer and East Jefferson Sewer Services) for $27 million. The combined systems serve 3,978 customer connections across Jefferson, Berkeley and Morgan counties; the buyer plans infrastructure updates and will transition customers to West Virginia American Water service and PSC-established rates. The seller/owner, Lee Snyder, is retiring after building the systems over 25 years.
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October 2, 2023
- Buyer
- NW Natural Water Company, LLC, Northwest Natural Holding Company
- Target
- Rose Valley Water Company
- Seller
- Gary Brasher (president and owner of Rose Valley Water)
- Industry
- Utilities
- Location
- Arizona, United States
- Type
- Buyout
NW Natural Water Company, a wholly-owned subsidiary of Northwest Natural Holding Company, completed the acquisition of Rose Valley Water Company, a family-owned water utility serving approximately 2,400 connections in Peoria, Arizona. The transaction closed on October 2, 2023, giving NW Natural Water an initial footprint in Maricopa County and positioning the company for further growth in Arizona.
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September 28, 2023
- Buyer
- Pennsylvania American Water
- Target
- Appalachian Utilities, Inc.
- Seller
- Appalachian Utilities, Inc., Frank Sargent, Jr.
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Buyout
Pennsylvania American Water has acquired Appalachian Utilities, Inc., a small investor-owned water system serving ~1,450 customer connections in Clinton County, Pennsylvania. The regulated utility plans to invest more than $6.2–6.5 million to upgrade aging infrastructure and will adopt Appalachian's current rates pending regulatory approvals.
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September 21, 2023
- Buyer
- Pennsylvania American Water, American Water (AWK)
- Target
- Audubon Water Company
- Seller
- Audubon Water Company (shareholders)
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Buyout
Pennsylvania American Water, a subsidiary of American Water (NYSE: AWK), has acquired Audubon Water Company, a private investor-owned water system serving approximately 2,900 customer connections in Lower Providence Township, Montgomery County, Pennsylvania. The transaction was valued at about $8 million and received PUC approval (completed Jan 23, 2025); Pennsylvania American Water plans to invest roughly $21.5 million over the next five years to upgrade and interconnect the system.
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- Buyer
- Essential Utilities, Inc., Aqua Pennsylvania
- Target
- Municipal Authority of the Borough of Shenandoah (MABS) water system
- Seller
- Municipal Authority of the Borough of Shenandoah (MABS)
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Buyout
Essential Utilities, through its Aqua Pennsylvania subsidiary, acquired the Municipal Authority of the Borough of Shenandoah (MABS) water system for $12 million. The transaction transfers service for roughly 3,000 customers in Shenandoah, Pennsylvania to Aqua Pennsylvania, which plans more than $23 million in infrastructure investments over the next 10 years to improve reliability and water quality.
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- Buyer
- Illinois American Water
- Target
- Village of Tolono water and wastewater systems
- Seller
- Village of Tolono
- Industry
- Utilities
- Location
- Illinois, United States
- Type
- Divestiture
Illinois American Water, a subsidiary of American Water, purchased the Village of Tolono’s water and wastewater systems for $9.416 million, adding roughly 1,295 water and 1,254 wastewater customers to its eastern Illinois service area. The company plans to invest about $17 million over the first five years to upgrade meters, mains, hydrants, lift stations and to design and build a new wastewater treatment plant to support reliability and growth.
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- Buyer
- Gainline Capital Partners
- Target
- Flagship Power
- Seller
- Utility Rescue Holdings, Inc.
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
Gainline Capital Partners has purchased a majority interest in Flagship Power, a Texas-based retail electricity provider founded by Utility Rescue Holdings. Utility Rescue remains a significant shareholder and Flagship’s management team will stay in place as Gainline supports growth and the launch of new services such as "Flagship PLUS."
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- Buyer
- Indiana American Water
- Target
- Claypool water system
- Seller
- Town of Claypool
- Industry
- Utilities
- Location
- Indiana, United States
- Type
- Divestiture
Indiana American Water, a subsidiary of American Water, acquired the Claypool water system from the Town of Claypool for $700,000. The transaction, approved by the Indiana Utility Regulatory Commission on February 22, 2023 and closed March 28, 2023, adds about 150 water customers (serving ~400 residents) and gives the system access to Indiana American Water’s operational and capital resources.
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- Buyer
- Washington Water Service, California Water Service Group
- Target
- Bethel Greenacres Water Association
- Seller
- Bethel Greenacres Water Association
- Industry
- Utilities
- Location
- Washington, United States
- Type
- Divestiture
Washington Water Service, a subsidiary of California Water Service Group, has closed the acquisition of Bethel Greenacres Water Association's water system assets following WUTC approval. The transaction transfers a system serving ~200 residential connections in Graham, Washington (adjacent to Washington Water's East Pierce system); Washington Water has been operating the system under an O&M agreement since September 2022 and plans ongoing investments to support reliable water service.
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October 26, 2022
- Buyer
- Iowa American Water
- Target
- City of Blue Grass wastewater system
- Seller
- City of Blue Grass
- Industry
- Utilities
- Location
- Iowa, United States
- Type
- Divestiture
Iowa American Water, a subsidiary of American Water, acquired the City of Blue Grass wastewater system for $2.0 million following Iowa Utilities Board approval. The acquisition adds about 750 wastewater customers to Iowa American Water's Quad Cities service area and the company plans approximately $4 million in capital investments to upgrade the system.
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- Buyer
- NW Natural Water Company, LLC, Northwest Natural Holding Company
- Target
- Far West Water & Sewer, Inc. (water and wastewater utilities, doing business as Foothills Utilities)
- Seller
- Far West Water & Sewer, Inc.
- Industry
- Utilities
- Location
- Arizona, United States
- Type
- Divestiture
NW Natural Water Company, a subsidiary of Northwest Natural Holding Company, has completed the acquisition of the water and wastewater utilities of Far West Water & Sewer, Inc., serving the Foothills area of Yuma, Arizona. The acquired utilities (doing business as Foothills Utilities) serve roughly 25,000 connections and employ about 40 people; the deal expands NW Natural Water's operations into Arizona.
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September 16, 2022
- Buyer
- California American Water, American Water
- Target
- Warring Water Services, Inc.
- Seller
- Glen Pace (President, Warring Water Company, Inc.)
- Industry
- Utilities
- Location
- California, United States
- Type
- Buyout
California American Water, a subsidiary of American Water, acquired privately owned Warring Water Services, Inc., a small water utility serving the community of Piru, California. The California Public Utilities Commission approved the $4.6 million transaction, which brings about 634 customer connections into California American Water’s Ventura County district and expands its local service footprint.
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August 12, 2022
- Buyer
- Essential Utilities Inc., Aqua Pennsylvania Wastewater
- Target
- East Whiteland Township (municipal wastewater assets)
- Seller
- East Whiteland Township
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Divestiture
Essential Utilities Inc.'s Pennsylvania wastewater subsidiary, Aqua Pennsylvania Wastewater, acquired the municipal wastewater assets of East Whiteland Township (Chester County, PA) for approximately $55 million. The system serves about 8,200 customer-equivalents across 57 miles of collection mains and 12 pump stations; Aqua expects roughly $17 million in infrastructure improvements over the next decade.
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- Buyer
- Missouri American Water, American Water
- Target
- City of Eureka water and wastewater systems
- Seller
- City of Eureka
- Industry
- Utilities
- Location
- Missouri, United States
- Type
- Divestiture
Missouri American Water, a subsidiary of American Water, completed the acquisition of the City of Eureka's water and wastewater systems, which serve about 4,000 water and 4,000 wastewater customers. The company will construct a new five-mile pipeline to connect Eureka to its St. Louis County system (drawing from the Missouri River), deploy advanced metering infrastructure, and invest more than $37 million in the systems over the next ten years; the City of Eureka will redeploy the sale proceeds to community investment.
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Frequently Asked Questions
What types of buyers are active in these utilities deals?
Active buyers include regulated investor‑owned utilities and their state subsidiaries (for example, California American Water, New Jersey American Water, Aqua Pennsylvania), strategic utility operators (Italgas, East Coast Power), technology/platform acquirers (Honeywell, MOBILTEX Data Ltd.), and financial sponsors or infrastructure investors (Macquarie Asset Management, Lime Rock New Energy, A&M Capital Partners).
Are technology and analytics acquisitions a significant theme?
Yes. Several transactions acquire grid or water‑network analytics and smart energy platforms—examples include MOBILTEX Data Ltd. buying WATERing, Honeywell acquiring platforms from SparkMeter, and E Source purchasing Opinion Dynamics to strengthen utility program and analytics capabilities.
Do deals include commitments for infrastructure investment or regulatory approvals?
Yes. Multiple transactions note regulatory approvals and planned capital work—examples: the California PUC approved transfers to California American Water; the Pennsylvania PUC approved Aqua Pennsylvania's purchase of Beaver Falls. Buyers have announced follow‑on investments (e.g., New Jersey American Water plans up to $50 million; Aqua Pennsylvania plans about $10 million; Pennsylvania American Water plans more than $7 million in system improvements).
Are there international transactions in this sector?
Yes. Transactions extend beyond the U.S.: Italgas completed the acquisition of 2i Rete Gas in Italy, and a Macquarie Asset Management‑led consortium committed equity support for Southern Water in the U.K.