From Arizona to Massachusetts, deal flow recovers following slowest H1 since 2019. Regulators approved a total of 42 acquisitions by 17 different buyers during Q3, with deal flow recorded across 16 states. While smaller, privately owned water systems remain the primary target for most IOUs, leading IOUs American Water and Essential Utilities have shown a growing appetite for privatizing medium and large systems by leveraging acquisition incentives such as fair market value.
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:
- Texas’ M&A activity continues to surge, driven by a range of public and private players
- Top-tier acquisitions inch forward in Pennsylvania amid increased regulatory uncertainty
- PFAS litigation in Northeast fuels debate over utilities’ liability as passive receivers
