BofA Securities, Centerview Partners lead utility M&A advisers through H1'22

Deal-making activity continued to be muted in the utility space through the first half of 2022.

BofA Securities Inc. and Centerview Partners LLC did not score any new utility deal advisory roles in the second quarter but ranked first by transaction value at about $7.64 billion each as of June 30, according to S&P Global Market Intelligence data.

Their only 2022 deal credit in the sector so far comes from Infrastructure Investments Fund's transaction to take South Jersey Industries Inc. private. BofA Securities is advising the seller and Centerview Partners is advising the buyer on the deal.

The advisers replaced Lazard Freres & Co. LLC and Moelis & Co. LLC at the top of the ranking after activist investor Carl Icahn dropped the attempt to take control of Southwest Gas Holdings Inc. in April.

RBC Capital Markets LLC, Scotia Capital (USA) Inc. and CIBC World Markets Corp. tied for third on the ranking by transaction value with $800 million each. During the second quarter, the three firms were hired to assist in AltaGas Ltd.'s sale of its Alaskan natural gas transmission, distribution and storage assets to TriSummit Utilities Inc.

RBC Capital Markets and Scotia Capital are advising AltaGas, while CIBC World Markets is advising TriSummit. The deal is expected to close by the end of the first quarter of 2023.

As of June 30, no financial adviser had more than one deal credit in the utility space.

Gibson Dunn & Crutcher LLP and Skadden Arps Slate Meagher & Flom LLP ranked first among utility M&A legal advisers in deal value at nearly $7.64 billion each. Latham & Watkins LLP led in number of transactions with three.

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