Bluefield Research tracks and analyzes mergers & acquisitions across the municipal and industrial water sectors. This quarterly review highlights key trends, notable transaction details, and shifts impacting the competitive landscape. Included in this quarterly report is a brief overview of select companies and their current and projected positioning within the industry.
The data collected in this analysis is also presented in Bluefield’s Data Navigator, an interactive online data platform that allows users to filter the transactions referenced in this report.
Sample Takeaways:
- Water-sector M&A constrained in 2025, with fewer than 166 deals recorded year-to-date
- String of billion-dollar deals underscores changing competitive landscape
- U.S. midstream landscape sees two deals after favorable Texas Supreme Court ruling
- Three big-ticket investor-owned utility (IOU) deals a bright spot in stagnant private M&A market


