Q2 2026 Energy & Infrastructure M&A Outlook

This quarterly outlook examines transaction activity across energy and infrastructure, with emphasis on sponsor-to-sponsor transfers, asset-level carve-outs, and cross-border capital deployment.

Key themes

• Sponsor liquidity and portfolio rotation driving secondary deal flow
• Valuation dispersion widening between contracted and merchant-exposed assets
• Lender appetite firming for contracted cash flows with inflation linkage
• Middle East capital continuing to seek North American and European platform entry points

Methodology

Findings draw on proprietary deal tracking, lender dialogue, and sponsor interviews conducted during Q1 2026. Figures are indicative and for general information only; they do not constitute investment advice or an offer of services.