Economic uncertainty reflected in an 8% decline in M&A. Investor-owned utilities (IOUs), municipalities, and a handful of other buyers tallied 140 approved acquisitions during 2023. This marks a two-year decline in annual deal flow following a record number of acquisitions in 2021. With 120 applications currently in the pipeline (20% fewer than were pending a year ago at this time), buyers have scaled back applications in response to economic uncertainty.
This Quarterly Review highlights key trends, transactions, and competitive shifts in the U.S. private water market. Bluefield’s team of water experts tracks mergers and acquisitions (M&A); service contract awards; and federal, state, and local policy developments on an ongoing basis to provide the most reliable and up-to-date insights for clients addressing opportunities in water.
In this Quarterly Review:
- Small Texas water systems underpin 2023 deal flow
- Fair market value activity cools; Florida becomes latest state to adopt legislation
- ESG woven into utility strategies amid growing climate pressure and new reporting requirements
