Tracked deals
18
18 tracked deals across 2025.
Utilities Acquisitions in 2025
Buyer mix
Strategic-led
19 strategic · 6 pe
Top trend
Volume peaked in 2025
18 tracked deals announced in 2025.
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 |
|---|---|---|---|
| American Water | 3 | Largest regulated water and wastewater utility company in... | Strategic |
| California American Water | 3 | Regulated water and wastewater utility (subsidiary of Ame... | Strategic |
| Align Capital Partners | 1 | Growth-oriented private equity firm investing in lower-mi... | PE |
| Alvarez & Marsal Capital Partners (A&M Capital) / AMCP III | 1 | Middle-market, operationally-focused private equity firm ... | PE |
| Aqua Pennsylvania | 1 | Regional water and wastewater utility providing service t... | Strategic |
| Badger Meter, Inc. | 1 | Global provider of smart water solutions including flow m... | Strategic |
| Bernhard Capital Partners | 1 | Services- and infrastructure-focused private equity firm ... | PE |
| Brookfield | 1 | Infrastructure investor operating through strategies such... | PE |
| Delta Utilities | 1 | Regulated natural gas utility operator providing local di... | Strategic (PE-backed) |
| E Source | 1 | Provides customer, grid, and technology research, advisor... | Strategic (PE-backed) |
Acquisition Volume in Utilities in 2025 by Year
Last 10 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
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.
-
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.
-
- 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.
-
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.
-
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.
-
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.
-
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.
-
- 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.
-
July 29, 2025
- Buyer
- Spire Inc.
- Target
- Piedmont Natural Gas Tennessee local distribution company business (Tennessee Piedmont Natural Gas business)
- Seller
- Duke Energy
- Industry
- Utilities
- Location
- Tennessee, United States
- Type
- Buyout
Spire Inc. has agreed to acquire Piedmont Natural Gas’ Tennessee local distribution company business from Duke Energy for $2.48 billion. The transaction expands Spire’s regulated utility footprint in the Nashville area and is expected to close in the first quarter of 2026, subject to regulatory approvals. The deal has since closed effective March 31, 2026, with the Tennessee operations operating as Spire Tennessee.
-
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.
-
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.
-
- 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.
-
- 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.
-
- 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%).
-
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.
-
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.
-
- 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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