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Saturday 17 October 2026
M&A NEWS
Deal tracker

Top energy mergers and acquisitions of 2026

Every verified merger and acquisition in the energy sector in this period, ranked by disclosed value. Updated every morning.

We tracked 72 deals in the energy sector in 2026, 52 of them with a disclosed value, worth $186.2bn in total. The largest was Global Infrastructure Partners and EQT Infrastructure VI (with CalPERS and QIA)'s $33.4bn deal for The AES Corporation, ahead of Devon Energy Corporation and Coterra Energy Inc. at $21.4bn.

Top energy mergers and acquisitions of 2026

All energy M&A deals →
  1. 12 MarGlobal Infrastructure Partners and EQT Infrastructure VI (with CalPERS and QIA) → The AES CorporationGIP and EQT agree $33.4bn take-private of AESEnergy / Power generation and utilitiesAgreed$33.4bn
  2. 22 FebDevon Energy Corporation → Coterra Energy Inc.Devon and Coterra agree all-stock shale mergerEnergy / Oil and gas exploration and productionCompleted$21.4bn
  3. 327 AprShell plc → ARC Resources Ltd.Shell agrees US$16.4bn deal for Canada's ARC ResourcesEnergy / Oil and gas productionCompleted$16.4bn
  4. 425 FebENGIE SA → UK Power NetworksEngie agrees £10.5bn deal for UK Power NetworksEnergy / Electricity distributionCompleted$14.2bn
  5. 527 JulEnergy Capital Partners and KKR (Dragon Bidco) → DCC Energy plcKKR and ECP agree £5.75bn take-private of DCC EnergyEnergy / Energy distributionAgreed$7.7bn
  6. 616 JanMitsubishi Corporation → Aethon III LLC and Aethon United LP (Haynesville business)Mitsubishi agrees US$7.5bn Haynesville gas deal with AethonEnergy / Shale gasCompleted$7.5bn
  7. 725 MarBrookfield Asset Management and La Caisse → Boralex Inc.Brookfield and La Caisse take Boralex private in C$9bn dealEnergy / Renewable powerCompleted$6.5bn
  8. 89 FebTransocean Ltd. → Valaris LimitedTransocean agrees US$5.8bn all-stock deal for ValarisEnergy / Offshore drillingIn review$5.8bn
  9. 921 JulIberdrola SA → CarunaIberdrola buys 80% of Finland's Caruna at €5bn valuationEnergy / Electricity distributionAgreed$5.7bn
  10. 103 AugThe Williams Companies → Momentum MidstreamWilliams agrees up to US$5.5bn deal for Momentum MidstreamEnergy / MidstreamCompleted$5.5bn
  11. 1130 JunKKR → EDF power solutions (US and Canadian operations)KKR agrees US$4.2bn deal for EDF's North American renewables armEnergy / RenewablesAgreed$4.2bn
  12. 1222 JunRWE AG → Amprion (indirect stake via M31, rising to 55%)RWE agrees €3.6bn deal to take control of AmprionEnergy / Power transmissionCompleted$4.1bn
  13. 1320 JulMagnolia Oil & Gas Corporation → WildFire EnergyMagnolia completes US$4.06bn WildFire Energy dealEnergy / Oil and gasCompleted$4.1bn
  14. 145 OctCenovus Energy → Athabasca OilCenovus agrees C$5.7bn deal to buy Athabasca OilEnergyAgreed$4bn
  15. 155 JanVistra Corp. → Cogentrix EnergyVistra agrees US$4bn deal for Cogentrix gas fleetEnergy / Power generationIn review$4bn
  16. 1615 JanTalen Energy Corporation → Cornerstone Generation (Waterford, Darby and Lawrenceburg plants)Talen agrees US$3.45bn deal for ECP's Ohio and Indiana gas plantsEnergy / Power generationCompleted$3.5bn
  17. 1712 FebCPP Investments and I Squared Capital continuation vehicle → Inkia EnergyCPP Investments agrees $3.4bn Peru power deal with I SquaredEnergy / Power generationCompleted$3.4bn
  18. 1830 SeptHarrison Street Asset Management (with Kenon Holdings) → Vicinity Energy (majority stake)Harrison Street agrees $2.92bn deal for control of Vicinity EnergyEnergy / InfrastructureAgreed$2.9bn
  19. 1911 AugCPP Investments and Sumant Sinha (consortium) → ReNew Energy Global plcCPP Investments and founder agree US$2.8bn ReNew take-privateEnergy / Renewable powerAgreed$2.8bn
  20. 206 OctEnergy Transfer → Vaquero MidstreamEnergy Transfer agrees $2.63bn deal for Vaquero MidstreamEnergy / MidstreamAgreed$2.6bn
  21. 212 AprMasdar (Abu Dhabi Future Energy Company) → TotalEnergies' onshore renewables in nine Asian countries (50% JV)Masdar and TotalEnergies agree US$2.2bn Asian renewables mergerEnergy / Renewable powerAgreed$2.2bn
  22. 229 OctENEOS Holdings → Chevron Asia-Pacific downstream businessesSingapore regulator weighs ENEOS's purchase of Chevron refinery stakeEnergy / Refining and fuels marketingIn review$2.2bn
  23. 2317 FebPortland General Electric Company → PacifiCorp (Washington utility operations)Portland General agrees US$1.9bn deal for PacifiCorp's Washington utilityEnergy / Electric utilitiesIn review$1.9bn
  24. 2413 JulAditya Birla Renewables Limited (Grasim Industries) → Sprng Energy (Solenergi Power Private Limited)Aditya Birla Renewables agrees US$1.8bn deal for Shell's Sprng EnergyEnergy / Renewable powerAgreed$1.8bn
  25. 256 MayWestern Midstream Partners, LP → Brazos Delaware II, LLCWestern Midstream agrees US$1.6bn deal for Brazos DelawareEnergy / MidstreamCompleted$1.6bn
  26. 2630 AprMARA Holdings, Inc. → Long Ridge Energy & Power LLCMARA agrees US$1.5bn deal for Ohio power plant owner Long Ridge EnergyEnergy / Power generationIn review$1.5bn
  27. 2723 JulMatador Resources Company → Paloma Permian LLCMatador completes US$1.3bn Paloma Permian purchaseEnergy / Oil and gasCompleted$1.3bn
  28. 2827 JulExpand Energy Corporation → Twin Eagle Holdings, N.A., LLCExpand Energy completes US$1.25bn Twin Eagle dealEnergy / Gas marketingCompleted$1.3bn
  29. 296 MayCarlyle (Global Credit) and Diversified Energy → Camino Natural Resources' Anadarko Basin assetsCarlyle and Diversified agree US$1.2bn Camino asset dealEnergy / Oil and gas productionCompleted$1.2bn
  30. 307 JulADNOC Distribution → Shell Downstream South AfricaADNOC Distribution agrees US$1bn deal for Shell's South African fuel networkEnergy / Fuel retailAgreed$1bn
  31. 3121 FebEnel S.p.A. (Enel Green Power North America) → Excelsior Energy Capital US wind and solar portfolio (830MW)Enel agrees US$1bn deal for Excelsior's US wind and solar plantsEnergy / Renewable powerIn review$1bn
  32. 325 OctIthaca Energy → Suncor Energy (Terra Nova, White Rose, West White Rose stakes)Suncor sells Newfoundland offshore stakes to Ithaca for C$1.2bnEnergyAgreed$860m
  33. 3317 AprPremier Energy PLC → Evryo Group (Distribuție Energie Oltenia)Premier Energy agrees €700m deal for EvryoEnergy / Electricity distributionAgreed$830m
  34. 3429 JunSan Mateo Midstream (Matador Resources / Five Point Infrastructure JV) → Cardinal Midstream Partners (operating subsidiaries)Matador's San Mateo agrees US$752m deal for Cardinal MidstreamEnergy / MidstreamCompleted$752m
  35. 351 JunDrax Group plc → Bluefield Solar Income Fund LimitedDrax agrees £548m deal for Bluefield Solar Income FundEnergy / Solar and windCompleted$738m
  36. 3624 SeptSelect Water Solutions → Pilot Water SolutionsSelect Water agrees $700m deal for Pilot WaterEnergy / Water midstreamAgreed$700m
  37. 375 FebKodiak Gas Services, Inc. → Distributed Power Solutions, LLCKodiak Gas agrees US$675m deal for Distributed Power SolutionsEnergy / Distributed power generationCompleted$675m
  38. 3821 AprEnagás, S.A. → Teréga (31.5% stake)Enagás agrees €573m deal for 31.5% of TerégaEnergy / Gas transmission and storageCompleted$674m
  39. 3911 AugCadeler A/S → Menck GmbHCadeler buys Menck in €501m dealEnergy / Offshore wind equipmentCompleted$578m
  40. 4010 AugPurvah Green Power (CESC Limited, RP-Sanjiv Goenka Group) → ReNew solar portfolio (six project SPVs, 1.4GWp)Purvah Green agrees INR 48.6bn deal for ReNew solar portfolioEnergy / Solar powerAgreed$510m
  41. 417 MayCentrica plc → Severn CCGT power station (Severn Power Limited)Centrica buys Severn gas plant for about £370mEnergy / Gas-fired power generationCompleted$500m
  42. 4228 AprArgo Infrastructure Partners → UGI Utilities Electric DivisionArgo agrees US$470m purchase of UGI's Pennsylvania electric utilityEnergy / Electric utilityAgreed$470m
  43. 4316 MarPetróleo Brasileiro S.A. (Petrobras) → Petronas's 50% stakes in Tartaruga Verde and Espadarte Module IIIPetrobras pre-empts Brava with US$450m deal for Petronas's Campos Basin stakesEnergy / Offshore oil and gasAgreed$450m
  44. 4421 SeptESENTIA → Energía Occidente de México (TC Energy)TC Energy sells Mexican pipeline to ESENTIA for US$400mEnergyAgreed$400m
  45. 459 JunAdani Energy Solutions → IntelliSmart InfrastructureAdani Energy Solutions agrees ₹3,050 crore deal for IntelliSmartEnergy / Smart meteringAgreed$320m
  46. 467 AugDNO ASA → Genel Energy plcDNO walks away from £202m approach for Genel EnergyEnergy / Oil and gasTerminated$272m
  47. 4716 AprMarubeni Corporation (SmartestEnergy Limited) → Factor Energia, S.A. (85%)Marubeni buys 85% of Factorenergia for €204mEnergy / Power and gas retailCompleted$240m
  48. 485 MayExpro → Enhanced Drilling (Enhanced Well Technologies Group AS)Expro agrees NOK2bn deal for Enhanced DrillingEnergy / Oilfield servicesCompleted$215m
  49. 4926 JulSerica Energy plc → Pharos Energy plcSerica bids £146m for Pharos Energy, then walks awayEnergy / Oil and gas exploration and productionTerminated$194m
  50. 5013 JunJSW Energy → Maruti Clean Coal and PowerJSW Energy buys 300MW Korba coal plant for ₹1,410 croreEnergy / Thermal powerCompleted$148m
  51. 512 OctFlowco Holdings → Lifting SolutionsFlowco buys Canada's Lifting Solutions for US$113mEnergyCompleted$113m
  52. 5216 OctDolomiti Energia → Retragas (91.6% stake from A2A and Unareti)A2A sells Retragas gas network stake to Dolomiti EnergiaEnergy / Gas transmissionAgreed$73m
  53. 5314 OctHy24 (Clean Hydrogen Infrastructure fund) → Hynamics (from EDF Pulse Ventures)EDF agrees to sell hydrogen unit Hynamics to Hy24Energy / HydrogenAgreedUndisclosed
  54. 5425 SeptGenel Energy → Capricorn EnergyGenel tops DNO with £330m Capricorn offerEnergyAgreedUndisclosed
  55. 5531 AugePointZero (2PointZero Group) → Azura Power Holdings Limited (90%)ePointZero agrees deal for 90% of Azura PowerEnergy / Power generationAgreedUndisclosed
  56. 563 AugTotalEnergies SE → Shell's European onshore renewables businessTotalEnergies agrees to buy Shell's European onshore renewables armEnergy / RenewablesAgreedUndisclosed
  57. 573 AugPori Energia Oy → Leppäkosken Sähkö OyPori Energia agrees to buy Leppäkosken SähköEnergy / Electricity distributionAgreedUndisclosed
  58. 5823 JulEnilive (Eni) → OIL! Tankstellen GmbHEnilive agrees to buy OIL! service stations from PraxEnergy / Fuel retailAgreedUndisclosed
  59. 5921 JulVår Energi ASA → BlueNord ASAVår Energi agrees to merge with BlueNordEnergy / Oil and gasAgreedUndisclosed
  60. 6011 JunStonepeak and Energy Equation Partners → Anwim S.A.Stonepeak and EEP agree to buy Polish fuel retailer AnwimEnergy / Fuel retailAgreedUndisclosed
  61. 6128 MayNextpower Inc. → Prevalon EnergyNextpower agrees deal for Prevalon Energy worth up to US$365mEnergy / Battery storageCompletedUndisclosed
  62. 6225 MayPetroliam Nasional Berhad (PETRONAS) → PRefChem (Aramco's 50% in Pengerang Refining and Pengerang Petrochemical)Petronas to take full ownership of PRefChem from AramcoEnergy / Refining and petrochemicalsAgreedUndisclosed
  63. 6319 MayHull Street Energy → FirstLight USAHull Street Energy buys FirstLight's US hydro fleet from PSPEnergy / Hydro and pumped storageAgreedUndisclosed
  64. 6418 MayNextEra Energy, Inc. → Dominion Energy, Inc.NextEra and Dominion agree all-stock utility mergerEnergy / Electric utilitiesAgreedUndisclosed
  65. 6529 AprAres Infrastructure Opportunities funds → Rover Pipeline (32.4% stake)Ares buys Blackstone's 32.4% stake in Rover gas pipelineEnergy / Natural gas pipelinesCompletedUndisclosed
  66. 6627 AprStonepeak and Bernhard Capital Partners → Cleco Group LLCStonepeak and Bernhard agree to buy Louisiana utility Cleco from Macquarie groupEnergy / Electric utilityAgreedUndisclosed
  67. 6723 AprHelix Energy Solutions Group, Inc. → Hornbeck Offshore Services, Inc.Helix and Hornbeck Offshore agree all-stock combinationEnergy / Offshore servicesCompletedUndisclosed
  68. 6823 AprApollo funds → Pembina Gas Infrastructure Inc. (40% stake)Apollo agrees to buy KKR's 40% stake in Pembina Gas InfrastructureEnergy / Gas processingAgreedUndisclosed
  69. 696 AprEnergy Capital Partners (ECP) → EnergySolutionsECP agrees to buy back nuclear services group EnergySolutionsEnergy / Nuclear servicesAgreedUndisclosed
  70. 7012 MarArcLight Capital Partners → Invenergy AMPCI Thermal Power (InfraBridge's 50% stake)ArcLight buys InfraBridge's half of 5.4GW Invenergy power portfolioEnergy / Gas-fired power generationAgreedUndisclosed
  71. 7129 JanThe Carlyle Group → LUKOIL International GmbHCarlyle's deal for Lukoil's foreign assets lapses without US approvalEnergy / Oil and gasTerminatedUndisclosed
  72. 7219 JanMOL Group → NIS (Naftna Industrija Srbije) - 56.15% stakeMOL signs binding outline deal for Gazprom Neft's NIS stakeEnergy / Oil refining and fuel retailIn talksUndisclosed