Header image

US Infrastructure

Latest update: H1 2020

While COVID-19 made a major impact on deal flow and capital markets, two deals basically dominated the infrastructure landscape in North America from opposite sides of the spectrum.

A Carlyle-led consortium reached a close on its USD 7bn bank facility backing its construction of the JFK Airport Terminal I. The deal is not expected to fully close until later this year, as it remains, conditioned on certain approvals from the PANYNJ, among others.  This itself was the main driver in greenfield volumes increasing to USD 20.17bn in 2Q20 from under USD 13bn in the two previous quarters, even as the P3 space slowed considerably due to high profile cancellations such as the LA Civic Center.

On the other side of things, telecom continued its rapid ascent up the ladder, generating 19% of all deal volume in 1H20 as opposed to 6% two-years ago. This was driven primarily by EQT and Digital Colony’s USD 14.3b take private of global fiber operator Zayo Corp., but there was also plenty of other deal flow in play here.

Overall, activity in North American infrastructure remained strong in 1H20, with a total deal value of USD 103.74bn, a roughly USD 13bn year-on-year jump, though deal count fell to 290 from 323 in 1H19. Renewables continued to fall post COVID-19, while energy deals slide back to 32% of volumes in 1H20, from 39%, year-over-year.

Canada, where the coronavirus has had less of an impact, accounted for roughly half of that increase. Total deal value rose to USD 18.77bn from USD 11.02bn, despite a lower deal count. Nearly three-quarters of deal value came from power and energy transactions, including KKR and AIMCo’s USD 4.72bn Coastal GasLink Pipeline project and TC Energy's sale of its Halton Hills, Napanee and Portlands powerplants.

In the US, M&A transactions comprised USD 46.36bn of USD 88bn in total deal value.

Join our community

Deals+ is a global network of M&A transaction professionals offering you access to exclusive events, networking and research. Join the community for free to enjoy the below benefits:

  • perm_contact_calendar Priority invitations to virtual and hybrid events
  • play_arrow Latest trend reports and market research
  • email Regular newsletter on the people shaping global M&A markets