Consolidation fever

There may be fewer blockbuster M&A transactions in the European utility sector currently, but the volume of deals getting done remains high. The activity is also leading to record supply in the new issue market, as Hardeep Dhillon reports.

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Until two weeks ago, analysts were pointing enthusiastically at the record €43 billion of M&A transactions in the European utility sector last year. This year, the thinking went, M&A volumes would struggle to top that level, although it could be close. But that was before National Grid’s surprise announcement of its acquisition of Lattice, the UK’s gas transmission and distribution network. The deal, which may still struggle with the regulators, pushes this year’s M&A volumes from €22 billion to

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