Energy M&A in 2025: From Pivot to Scale

In this edition of Datasite’s Sector Spotlight,  Keith Fraser, Regional Sales Manager for the TOLA region highlights how private equity is scaling its presence in the energy sector amid shifting demand and emerging technologies.

Bigger, Smarter Deals

Global M&A volumes are down, but deal values are up, signaling a focus on fewer, larger, strategic transactions. Private equity is active across both traditional energy assets and transition plays, backed by major funds like Brookfield’s $20B energy transition fund.

In the U.S., demand for dispatchable generation and grid reliability is driving billion-dollar utility deals, such as Constellation’s $29B acquisition of Calpine. Texas remains a hotbed for consolidation, roll-ups, and platform strategies.

Key Trends to Watch

• Traditional oil & gas continues to attract PE for its cash flows and consolidation potential.
• AI and data centers are rapidly increasing electricity demand, creating M&A opportunities in power-dense, resilient infrastructure.

What’s Next

Energy remains one of PE’s most dynamic plays. As regulation stabilizes and AI-driven demand grows, the sector is shifting toward long-term platform building. Expect steady, yield-focused deals in traditional energy, alongside targeted investments in infrastructure powering AI and electrification.

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