trending Market Intelligence /marketintelligence/en/news-insights/trending/D-aIkho4N1MqNnf-sqIMXw2 content esgSubNav
In This List

Minimal deal activity barely budges utility M&A adviser rankings in Q3'19

Podcast

Next in Tech | Episode 49: Carbon reduction in cloud

Blog

Using ESG Analysis to Support a Sustainable Future

Research

US utility commissioners: Who they are and how they impact regulation

Podcast

Street Talk Episode 87


Minimal deal activity barely budges utility M&A adviser rankings in Q3'19

The third quarter's quiet deal activity only slightly changed league table rankings for the utility sector's top financial and legal advisers, according to S&P Global Market Intelligence data.

Latham & Watkins LLP moved to second place in the ranking of legal advisers for utility M&A in terms of both deal amount and number of transactions, compared to the firm's third-place ranking at the end of the first half of 2019. The law firm has advised or is advising on four deals totaling more than $7 billion as of Oct. 7, according to S&P Global Market Intelligence data.

Latham & Watkins' deals include Vistra Energy Corp.'s $475 million acquisition of electricity retailer Ambit Energy Holdings LLC and asset management firm Energy Capital Partners LLC's recently-closed deal to buy 12 natural gas-fired and coal-fired power plants from Canadian Utilities Ltd. for about $631.4 million.

Vistra announced the deal for Ambit on Aug. 20, making it one of the few corporate M&A deals in the utility and power sector during the third quarter. The Federal Energy Regulatory Commission signed off on the deal Oct. 7, and the acquisition is expected to close by the end of 2019.

However, Vistra's pending acquisition and Energy Capital Partners' completed transaction were not enough for Latham & Watkins to take first place. Baker Botts LLP remains the top legal adviser in both categories with five deals totaling nearly $11 billion, including El Paso Electric Co.'s buyout, announced in June.

Skadden Arps Slate Meagher & Flom LLP & Affiliates now ranks third for legal advisers on utility deal amount and number of transactions.

Among utility M&A financial advisers, the rankings were mostly unchanged compared to the second quarter of 2019. J.P. Morgan Securities LLC is still the top financial adviser for utility M&A in terms of transaction value, advising on three deals totaling $6.49 billion. Perella Weinberg Partners LP and Bank of America Merrill Lynch, a Bank of America Corp. company, round out the top three financial advisers for utility M&A in that category.

In terms of number of transactions, RBC Capital Markets LLC kept its title as the top financial adviser for utility M&A. The firm has four deals with a total value of $3.72 billion. J.P. Morgan Securities remains in second place, while Barclays Capital Inc. still rounds out the top three with two deals worth $1.35 billion in total.

SNL Image