Scramble for gas assets pushes dealmaking to decade high - FT

Rising demand for energy security and infrastructure resilience has driven global energy, utilities, and resources M&A to a decade high, with gas and LNG assets at the center of the activity. The second half of 2026 has seen a surge in transactions focused on securing reliable power generation, grid connectivity, and long-term fuel supply, particularly in response to geopolitical instability and the growing energy needs of AI and data centers.

Deal values have remained resilient despite softer transaction volumes, reflecting a K-shaped market where megadeals dominate in power and utilities and oil and gas sectors. In North America, private equity firms are actively pursuing oil and gas assets in Texas and Colorado, with over $20 billion in closely held companies currently in play. Meanwhile, international buyers are prioritizing integrated positions across upstream gas, midstream infrastructure, and LNG export capacity to hedge against supply volatility.

The focus on reliability has shifted dealmaking priorities toward assets with contracted cash flows, stable markets, and infrastructure control. For example, Shell’s proposed $16.4 billion acquisition of ARC Resources and Mitsubishi Corporation’s $5.2 billion purchase of Aethon III highlight the growing emphasis on LNG optionality and supply chain resilience. In the power sector, NextEra Energy’s $67 billion merger with Dominion Energy and ENGIE’s $14.2 billion acquisition of UK Power Networks underscore the value of regulated grid infrastructure and dispatchable generation.

As energy markets evolve, the scramble for gas assets is expected to continue, with capital flowing toward platforms that can deliver firm power, reduce exposure to supply shocks, and align with long-term energy transition goals.