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.