1) 2021 will be a record year in water M&A: Over 200 deals closed in Hi, with four blockbusters set to account for more than half the value transacted during the whole year (see table above). 2) Who will eat the crumbs from Veolia's table?: While the Veolia-Suez merger and subsequent private equity carve-out are the biggest deals of the year, the sideshow has been equally interesting. Veo-lia has already sold its ballast water and aquaculture units, its Swedish engineering business, and its largest Chinese concession. There will be more to come. 3) US tax uncertainty is driving deal flow: Baby Boomers fearing a steep hike in US capital gains tax are racing to sell their businesses, providing a boon for bankers.
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