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As of 1 December 2023, Bluefield has tracked 327 total water M&A deals in 2023, representing a 6% decline compared to the 348 deals recorded during the same period in 2022. This year’s deal flow has been inhibited by high costs of capital from rising interest rates, macroeconomic uncertainty, and geopolitical anxiety. Global water M&A activity showed small signs of improvement in Q3 2023, with overall deal flow comparatively higher than non-water industries.
Assuming a steady pace of acquisitions, Bluefield expects the year to finish with between 350 and 360 water deals, inclusive of investor-owned utility (IOU) acquisitions and falling just short of the five-year annual average of 370 deals.
In this Quarterly Review:
- Rise in take-private deals in the water sector
- Uptick in water construction M&A
- Growth in water treatment segment deals
- Strategics’ M&A activity persists
