According to Dealogic, 2023 saw the lowest Q1 global deal volume and value since 2012, with just 9,400 deals worth almost $591bn.
But the infrastructure, energy, and projects sector has remained resilient. Dealogic reports 1,953 utility and energy deals worth over $253m in 2022 – a drop in value of just over 16% on 2021, and still higher than all but one of the years 2013-19. Firms on both sides of the Atlantic have noted this, and have invested heavily in infrastructure in recent years, as evidenced by Clifford Chance (CC)’s recent Houston launch. UK-based firms argue that their full-service capabilities give them an edge in the sector. But opinion on this strategy remains split. Some question the importance of full-service capabilities – in the US market in particular.
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