Morgan Stanley closes 2020 as top utility M&A adviser by deal value

Morgan Stanley emerged as 2020's top financial adviser for mergers and acquisitions in the utility sector for deal amount and second for number of transactions executed, according to S&P Global Market Intelligence data.

The firm is advising Iberdrola SA subsidiary Avangrid Inc. on its purchase of PNM Resources Inc. and Global Infrastructure Management LLC on its sale of Competitive Power Ventures Inc. to OPC Energy Ltd. The two deals are worth $8.74 billion combined.

Morgan Stanley did not rank as of the end of the third quarter of 2020.

Goldman Sachs & Co. LLC slipped from first to fourth in deal value with its transaction total at nearly $6.33 billion for the utilities sector in 2020. Goldman, however, remained on top in terms of number of transactions with five, adding an advisory mandate for UGI Corp. on its Mountaineer Gas Co. acquisition.

Prior to the fourth quarter, Goldman Sachs accepted advisory roles on Centrica PLC's closed sale of Direct Energy LP to NRG Energy Inc., and The Blackstone Group Inc.'s sale of transmission company GridLiance GP LLC to NextEra Energy Inc., among others.

BNP Paribas Securities Corp. tied with Evercore Inc. at second place for deal amount, totaling $8.01 billion each in 2020. BNP Paribas Securities, along with Morgan Stanley, is advising Avangrid, while Evercore is advising PNM Resources.

Along with 11 other firms, BNP Paribas Securities and Evercore ranked third by number of transactions at one.

Law firm Latham & Watkins LLP again ranked first among utility legal advisers with five deals totaling $13.30 billion.

Meanwhile, Troutman Pepper Hamilton Sanders LLP placed second with a total deal amount $8.15 billion in 2020 and ranked third by number of transactions at two. Conversely, Torys LLP placed third with a total deal amount at $3.81 billion and ranked second by number of transactions at four, as of Dec. 31, 2020.