Energy & Utilities M&A deals

EQT agreed to acquire Range Resources in an all-stock deal, giving Range holders 0.987 EQT shares per share. Reuters valued the equity at about $12.83 billion, or $54.91 a share, a roughly 20.6% premium. Closing is expected in Q1 2027 pending regulatory and shareholder approvals, and two Range representatives will join EQT's board.

Ovintiv agreed to acquire Logan Energy in an all-cash deal valuing Logan at about $890 million (C$1.26 billion) including net debt.

NextEra Energy says its planned merger with Dominion Energy remains on track to close in the second half of 2027 despite political opposition in Virginia.

SPAC GigCapital9 entered a non-binding letter of intent for a business combination with an unnamed clean energy company focused on post-combustion carbon capture.

Right Lane Industries completed the sale of Bold Renewables, a Colorado provider of service and parts for utility-scale solar inverters, to Integrated Power Services.

Virginia Gov. Abigail Spanberger wants state regulators to impose a six-year freeze on base residential rates, tripled monthly bill credits and a higher debt share in Dominion's capital structure if they approve the $67 billion Dominion Energy-NextEra Energy merger. Regulatory staff and the attorney general have proposed their own conditions.

Nuclear fuel supplier Centrus Energy has acquired Westerman Holdings, one of its largest suppliers and a maker of centrifuge casings, for approximately $116 million, funded with about $95 million in cash and $21 million in equity. Centrus expects the deal to be accretive to adjusted EPS in year one.

Radnostix and NANO Nuclear jointly asked the NRC to consent to transferring License SUB-1011, a key closing condition of NANO's purchase of Radnostix's DUF6 deconversion assets.

Standard Solar acquired two eastern Washington solar projects from OneEnergy Renewables.

At a Virginia State Corporation Commission public hearing, most state and local officials urged regulators to deny the Dominion-NextEra merger or attach conditions on rates and data center cost allocation. Lt. Gov. Ghazala Hashmi said the deal is not in Virginians' best interest; the SCC's evidentiary hearing starts Nov. 17, with a decision due in January.

Copenhagen Infrastructure Partners acquired the Macquarie-led consortium's 25% stake in the up to 1,080MW Five Estuaries offshore wind project off England's east coast.

Southwest Iowa Renewable Energy acquired GreenAmerica Biofuels Ord, owner of a roughly 70 million-gallon-per-year ethanol plant, from Pilot Travel Centers; terms undisclosed.

Kentucky American Water completed its $1.4 million purchase of the Black Mountain Utility District water and wastewater system in Harlan County.

Matador Resources closed its purchase of about 13,600 net acres from EnCap-backed Ridge Runner Resources II.

Virginia Lt. Gov. Ghazala Hashmi came out against NextEra Energy's all-stock acquisition of Dominion Energy as state regulators began local public hearings. She cited risks from NextEra's many riskier project entities; NextEra said it respectfully disagrees and that Dominion Energy Virginia would remain fully regulated.

DTI will acquire Aberdeen-based Saltire Energy and Foxley Energy for about $80M in cash plus 17.4M DTI shares, closing in Q1 2027.

Pacolet Milliken acquired two Georgia biomass plants with 116 MW of capacity, roughly tripling its biomass platform; terms undisclosed.

Monomoy Capital recapitalized oilfield chemicals provider Creedence Energy Services, marking Tower Arch Capital's exit.

Energy Transfer LP signed a definitive agreement on October 6 to acquire Vaquero Midstream LLC in a deal valued at $2.625 billion. Vaquero owns natural gas pipeline infrastructure in Texas.

ONEOK completed its acquisition of Brazos Midstream's Permian Midland Basin natural gas gathering and processing assets for about $4.425 billion in cash. The deal more than doubles ONEOK's Midland processing capacity to roughly 2.3 billion cubic feet per day and adds about 600,000 dedicated acres under long-term fixed-fee contracts.

Emera, ATCO and Canadian Utilities announced a definitive agreement to combine Emera and Canadian Utilities in a merger of equals, creating a Canadian utility and energy infrastructure group spanning Alberta, Atlantic Canada and Florida. Reports describe an all-share structure, with ATCO spinning off its industrial services unit. Reported deal figures vary widely by measure, from roughly $14.3 billion for Canadian Utilities to far larger combined-enterprise numbers.

Energy trader Centalion Group acquired upstream and midstream natural gas assets in Texas and Louisiana producing more than 300 MMcfd from Silver Hill Energy Partners; terms were not disclosed.

A hearing examiner told Dominion Energy to produce an internal memo on an FPL investigation sought by Clean Virginia, which argues it speaks to the governance fitness of the proposed Dominion–NextEra combination.

Energy Transfer LP agreed to acquire Vaquero Midstream LLC in a bolt-on transaction valued at approximately $2.625 billion. Consideration comprises $1.95 billion in cash plus roughly 33.3 million newly issued Energy Transfer common units, with closing expected in the fourth quarter.

Cenovus Energy has signed a definitive arrangement agreement to acquire Athabasca Oil Corporation at $12.00 per share in cash and stock, implying an enterprise value of $5.7 billion and equity value of roughly $5.8 billion. Shareholders can elect cash or 0.264 Cenovus shares, subject to pro-ration capped at $4.3 billion cash and 44.4 million Cenovus shares. The price is a 14% premium to Athabasca's 20-day VWAP, with closing expected in December 2026.

HydroEdge Solutions said newly formed parent WET Tech has acquired Reserved Environmental Services and affiliates, combining the two into one of the largest independent water management platforms serving the Marcellus and Utica shales. The combined company runs five Pennsylvania treatment, recycling and storage facilities with roughly 700,000 barrels of storage and up to 116,000 barrels per day of processing capacity, backed by about 350 employees.

H2O America's regulated Texas Water Company closed the purchase of all assets of Houston-area utility Quadvest, more than doubling its Texas water and wastewater connections.

Electric Power Group acquired synchrophasor data management and power quality specialist Grid Protection Alliance, which will operate as a wholly owned subsidiary.

Hypercharge Networks closed its purchase of 100% of REVS Charging LLC, issuing 18 million common shares subject to a six-month lockup after TSX Venture Exchange acceptance.

enCore Energy distributed 35 million Verdera Energy shares to its shareholders of record, giving them direct exposure to Verdera's New Mexico ISR uranium assets.

CenterPoint Energy completed the $2.62 billion sale of Vectren Energy Delivery of Ohio to National Fuel Gas, which will rename the business National Fuel Gas Distribution of Ohio. The assets include about 5,900 miles of pipeline serving roughly 335,000 customers in West Central Ohio. The deal doubles National Fuel's utility rate base and lifts its customer count to about 1.1 million.

ArcLight Capital Partners completed the purchase of a 50% stake in IATP, an 11-asset, 5.4 GW North American dispatchable generation portfolio, with Invenergy retaining the other half and operational control.

Energy Vault acquired developer Goshe, adding its project pipeline and leadership team as it builds an owned-asset platform, backed by up to $40 million of credit from S2G Investments.

Radnostix, formerly International Isotopes, signed a definitive asset purchase agreement to divest its U.S. nuclear fuel processing assets to NANO Nuclear Energy and subsidiary HALEU Energy Fuel. Consideration is $9.5 million in cash plus $4.0 million in NANO stock at closing. The package includes an NRC Part 40 license for a never-built Lea County, New Mexico facility, patents and engineering work.

Harrison Street Asset Management agreed to acquire a majority equity position in Vicinity Energy, the largest U.S. district energy provider, from Antin Infrastructure Partners, valuing the platform at a $2.92 billion enterprise value. Kenon Holdings is taking a 25% stake for roughly $450 million alongside Harrison Street funds, with lenders committing up to $1.4 billion of non-recourse debt. Boston-based Vicinity serves 700-plus customers across about 1,000 buildings in 12 cities.

Hypercharge Networks signed a definitive agreement to buy 100% of REVS Charging LLC at an enterprise value of up to US$4.75 million, establishing US operations; closing was expected October 1.

Trump Media & Technology Group and TAE Technologies filed a Form S-4 registration statement advancing their all-stock business combination, agreed in December 2025. TMTG and TAE shareholders would each own roughly 50% of the combined company on a fully diluted basis. TAE develops fusion energy, power management and cancer therapy technologies across three business units, and the merged entity would be among the first publicly traded commercial fusion developers.

GOWell Energy Technology began trading on Nasdaq under ticker GOW following completion of its business combination with Inflection Point Acquisition Corp. V on September 25.

Inox Solar Americas began transitioning Boviet Solar's brand assets following its earlier acquisition of Boviet's US PV cell and module manufacturing operations in Greenville, North Carolina.

FTAI Energy Partners, the Jefferson subsidiary of FTAI Infrastructure, agreed to acquire the Port Arthur Terminal in Texas and a 50% interest in the Hardisty, Alberta Diluent Recovery Unit from a USD Group subsidiary for roughly $255 million in cash. The purchase will be financed by assuming existing debt plus a new acquisition facility, and management expects about $50 million of annual EBITDA. Closing awaits regulatory approvals in the fourth quarter of 2026.

Well-logging technology provider GOWell Technology completed its business combination with Inflection Point Acquisition Corp. V, with shares of the renamed GOWell Energy Technology set to begin trading on Nasdaq on September 28. A $50 million closing PIPE of preferred shares and warrants, added to a $20 million private placement funded at signing in October 2025, brought gross proceeds to $70 million for growth and working capital.

Select Water Solutions agreed to acquire Delaware Basin water midstream company Pilot Water Solutions for $700 million in cash and stock, plus up to $15 million in earnout consideration.

Talos Energy completed its purchase of deepwater Gulf of America assets from Shell Offshore alongside a Ridgewood Energy affiliate for a final net cash price of $420 million.

ESENTIA Energy Development agreed to acquire 100% of Energía Occidente de México, owner of the 313-km Guadalajara-Manzanillo natural gas pipeline, for a gross purchase price of US$400 million.

Generate Capital sold its 12-site anaerobic digestion platform Generate Upcycle in two deals: Pinta Energy acquired seven UK facilities, and Vanguard Renewables agreed to buy five North American sites.

Airswift acquired assets of three New Tech Global businesses for an undisclosed sum, increasing its U.S. contractor base by about 30% across the energy sector.

Chord Energy agreed to sell its entire non-operated Marcellus position to POSCO International for $550 million gross, with closing expected in Q4 2026.

Illinois American Water completed the $770,000 acquisition of the City of Venice wastewater collection system, adding roughly 500 customers in the Metro East area.

NOVVA Group signed a binding framework agreement to acquire a 3.17 GW renewable energy project portfolio in Argentina from German developer ABO Energy to power AI infrastructure.

Vega Upstream JV completed the purchase of Toklan Oil and Gas Corporation and affiliates, including West Thomas Field Services, for a net $15 million in the Western Anadarko basin.

Plains All American Pipeline will acquire Silver Creek Midstream's Powder River Basin crude oil midstream assets from Tailwater Capital, EMG and management for about $585 million in cash.

DISA Uranium entered an asset purchase agreement for Premier American Uranium's Colorado uranium projects and will make a US$5 million equity investment in PUR subscription receipts.

NOVVA Group signed a binding framework agreement to acquire a 3.17 GW renewable energy portfolio in Argentina from German developer ABO Energy.

TXNM Energy and Blackstone Infrastructure filed a motion with New Mexico regulators to revise their merger application, adding a $300 million customer and community benefits package.

Xpansiv signed a definitive agreement to acquire Formbay, an Australian AI-enabled renewable energy certificate and compliance platform facilitating over AUD $1 billion in certificate transactions in 2025.

Borr Drilling agreed to sell its 51% equity interest in the Perfomex Mexican joint ventures to its local partner, retaining ownership of three jack-up rigs via bareboat charters.

Shell Energy North America signed two US power deals, acquiring Hunlock's 169 MW of Pennsylvania gas-fired generation and selling the RISEC plant.

Grupo México combined its power generation assets with Saavi Energía, taking a 70% stake in the 4.5 GW platform, with GIP holding 30%.

Missouri American Water completed its $34.5 million acquisition of the City of Neosho's water and wastewater systems, serving about 5,400 customers each.

Gemspring-backed Airswift acquired assets of three New Tech Global businesses serving US upstream oil and gas; terms were not disclosed.