The analysis includes target companies in the Utilities, Energy Equipment and Services, Independent Power and Renewable Electricity Producers, Water and Oil, Gas and Consumable Fuels sectors.
Slight drop in transactions
In 2022, around 2200 transactions were concluded worldwide. This corresponds to a decline of about 9%. Europe’s share remained stable, North America fell back somewhat in favour of the Asia/Pacific region in particular.
Already with eight transactions, it was possible to grab first place in the list of the most active investors in 2022. Russia’s PJSC LUKOIL (acquisition of generation assets, exploration projects and the Spartak Moscow football club) and France’s TotalEnergies SE (acquisition of generation assets, utilities, activities along the natural gas value chain) take first place.
Only Greenbacker Renewable Energy Company and Encavis were already among the top ten in the previous year, accounting for a total of only around 3% of all transactions.
Globally, most deals took place in the Oil, Gas and Consumable Fuels segment, and these predominantly in Europe. The Independent Power and Renewable Electricity Producers category is close behind. This was reversed last year.
Stable conditions in Europe
In 2022, the UK again leads by a wide margin in the number of deals in Europe. The five next-placed countries do not even manage half the number of deals. The clear leaders are purchases of generation plants/companies. Almost 80% of the buyers come from the region (Europe).
Almost every second transaction concerns (green) power generation
In Germany, too, many of the transactions involved renewable energy generation plants. A decline of around 9 percentage points was recorded compared to 2021.
Furthermore, there were also transactions by well-known market participants such as e.g.
- Almost complete acquisition (>99%) of the shares in the listed Uniper AG by the Federal Republic of Germany.
- Full acquisition of G+E GETEC Holding GmbH by Infrastructure Investments Fund (J.P. Morgan Asset Management) from EQT and GETEC Energie Holding.
- Full acquisition of Thyssengas GmbH by Macquarie from the infrastructure fund DIF and an investment company of EdF.
Martin Hallinger, Senior Advisor, Capitalmind Investec: In addition to numerous other transactions in the renewable energy segment, current developments/trends in the M&A business are reflected in isolated cases. These include the development of a hydrogen economy, access to battery storage, charging infrastructure and other activities related to electromobility.