Tracked deals
12
12 tracked deals across 2026.
Utilities Acquisitions in 2026
Buyer mix
Strategic-led
13 strategic · 4 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 |
|---|---|---|---|
| New Jersey American Water | 3 | Regulated water and wastewater utility subsidiary of Amer... | Strategic |
| A&M Capital Partners | 1 | Multi-strategy private equity firm focused on middle-mark... | PE |
| American Water | 1 | Large regulated water and wastewater utility operator in ... | Strategic |
| American Water Works Company | 1 | Large U.S. regulated water and wastewater utility operato... | Strategic |
| Bernhard Capital Partners | 1 | Services and infrastructure private equity manager invest... | PE |
| Delta Utilities | 1 | Natural gas utility focused on safe, reliable distributio... | Strategic (PE-backed) |
| East Coast Power | 1 | Platform provider of electric utility services offering m... | Strategic (PE-backed) |
| Emera | 1 | Publicly traded energy services company with investments ... | Strategic |
| Kentucky American Water | 1 | Regulated water and wastewater utility operator providing... | Strategic |
| Kodiak Gas Services, Inc. | 1 | Provides contract compression, distributed power, and ene... | Strategic |
Acquisition Volume in Utilities in 2026 by Year
Last 10 years
Actual
Full-year estimate
Supporting Data
Recent Transactions
-
October 6, 2026
Emera and Canadian Utilities agreed to combine in an all-stock merger of equals, structured as Emera’s acquisition of all outstanding Canadian Utilities shares. The combined company will operate as Emera; the deal is subject to shareholder, court and regulatory approvals and is expected to close in the third or fourth quarter of 2027.
-
August 28, 2026
- Buyer
- Toesca S.A. Administradora General de Fondos (fund managed)
- Target
- Suralis S.A.
- Seller
- Algonquin Power & Utilities Corp.
- Industry
- Utilities
- Location
- Chile
- Type
- Divestiture
Algonquin Power & Utilities Corp. reached an agreement to sell its approximately 64% ownership stake in Chilean water utility Suralis S.A. to a fund managed by Toesca S.A. Administradora General de Fondos. The transaction is expected to close within the next two quarters for total proceeds of about $126.5 million, plus an earnout opportunity of up to $1.5 million.
-
August 13, 2026
- Buyer
- Pennsylvania American Water
- Target
- Sutersville–Sewickley Municipal Sewage Authority (SSMSA) wastewater system
- Seller
- Sutersville–Sewickley Municipal Sewage Authority (SSMSA), Sutersville Borough, Sewickley Township
- Industry
- Utilities
- Location
- Pennsylvania, United States
- Type
- Buyout
Pennsylvania American Water completed its acquisition of the Sutersville–Sewickley Municipal Sewage Authority (SSMSA) wastewater system for $3.25 million. The acquired system serves about 500 customer connections across Sutersville Borough and Sewickley Township in Westmoreland County, Pennsylvania, and Pennsylvania American Water plans to invest about $700,000 in system improvements over the next five years.
-
- Buyer
- New Jersey American Water, American Water
- Target
- Gordon's Corner Water Company
- Industry
- Utilities
- Location
- New Jersey, United States
- Type
- Buyout
New Jersey American Water completed its acquisition of Gordon's Corner Water Company, adding approximately 15,300 water customer connections across portions of Marlboro, Manalapan, and Colts Neck Townships in New Jersey. The company plans to invest more than $25 million over the first five years to modernize infrastructure and improve system resiliency, while welcoming 20 employees from Gordon's Corner Water Company.
-
- Buyer
- New Jersey American Water
- Target
- Hopewell Borough Water System
- Seller
- Hopewell Borough
- Industry
- Utilities
- Location
- New Jersey, United States
- Type
- Buyout
New Jersey American Water completed its $6.4 million acquisition of the municipally owned water system of Hopewell Borough. The deal adds about 930 water customer connections, with $7 million planned for infrastructure improvements over the first five years, including lead/service line and meter upgrades and PFAS mitigation.
-
- Buyer
- New Jersey American Water, American Water Works Company
- Target
- Montague Sewer & Water Co., Montague Sewer & Water Company
- Seller
- Nexus Regulated Utilities LLC, Nexus Regulated Utilities
- Industry
- Utilities
- Location
- New Jersey, United States
- Type
- Buyout
New Jersey American Water, a subsidiary of American Water Works Company, completed its acquisition of the water and wastewater systems of Montague Sewer & Water Co. in New Jersey from Nexus Regulated Utilities. The deal expands New Jersey American Water’s service footprint by about 810 water customer connections and 270 wastewater customer connections.
-
- Buyer
- NextEra Energy, Inc.
- Target
- Dominion Energy, Inc.
- Industry
- Utilities
- Location
- Virginia, United States
- Type
- Buyout
NextEra Energy, Inc. has entered into a definitive, all-stock agreement to combine with Dominion Energy, Inc. in a transaction valued at approximately $66.8 billion. Dominion shareholders will receive 0.8138 shares of NextEra Energy per Dominion share plus a one-time $360 million cash payment, with the combined company expected to serve about 10 million utility customer accounts across Florida, Virginia, North Carolina and South Carolina.
-
April 22, 2026
- Buyer
- Delta Utilities, Bernhard Capital Partners
- Target
- Spire Mississippi, Spire Inc.'s Mississippi local natural gas distribution company (Spire Mississippi)
- Seller
- A subsidiary of Spire Inc.
- Industry
- Utilities
- Location
- Mississippi, United States
- Type
- Buyout
Spire Inc. agreed to sell its Mississippi local natural gas distribution company, Spire Mississippi, to Delta Utilities for $75 million in cash. The deal will refine Spire’s geographic footprint, while Delta—backed by Bernhard Capital Partners—expands its Mississippi presence with expected operating efficiencies and enhanced emergency response capabilities.
-
April 15, 2026
- Buyer
- Kentucky American Water
- Target
- Livingston Municipal Water Works system
- Seller
- City of Livingston
- Industry
- Utilities
- Location
- Kentucky, United States
- Type
- Buyout
Kentucky American Water has completed the acquisition of the City of Livingston Municipal Water Works system in Rockcastle County. The purchase, approved by the Kentucky Public Service Commission, will be integrated into Kentucky American Water’s existing Rockcastle County operations and Kentucky American Water will begin providing service to Livingston customers on April 15, 2026.
-
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.
-
February 9, 2026
- Buyer
- Kodiak Gas Services, Inc.
- Target
- Distributed Power Solutions, LLC
- Industry
- Utilities
- Location
- Texas, United States
- Type
- Buyout
Kodiak Gas Services, Inc. completed its previously announced acquisition of Distributed Power Solutions, LLC (DPS) in a cash-and-stock transaction. DPS has been rebranded as Kodiak Power Solutions, a division of Kodiak Gas Services, expanding Kodiak into turnkey distributed and behind-the-meter power generation.
-
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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