The annual number of North American infrastructure transactions grew consistently between 2003 and 2007, from 16 transactions in 2003 to 80 during the region’s peak in 2007. In the aftermath of the global financial crisis, the number of deals in North America decreased between 2007 and 2009 by 43%, from 80 deals in 2007 to 46 in 2009. Despite this, the North American infrastructure deals market has recovered in the years following 2009, and infrastructure deal flow figures for 2012 are expected to continue to improve as more transactions come to light in the coming months.
In 2012 to date, 47 North American infrastructure deals have been completed. This includes several notable transactions, such as the $4bn acquisition by Global Infrastructure Partners II of Chesapeake Energy Corporation’s stake in the Chesapeake Midstream Partners joint venture and a portfolio of assorted midstream pipeline assets. As a result of the deal, Global Infrastructure Partners took ownership of 100% of Chesapeake Midstream Partners’ general partner interests and 69% of its limited partners interests. In terms of other regions, 93 deals have been completed so far this year in European infrastructure assets, 18 deals have been completed in Asia-based assets and Rest of World deals account for 33 transactions in 2012 to date.
Significant past North America-based infrastructure deals include the $45bn acquisition of TXU Corp in 2007 by a consortium of investors including Energy Capital Partners, and the 2006 acquisition of Kinder Morgan in a transaction worth $22bn by a consortium of fund managers, including Highstar Capital, GS Infrastructure Partners, Carlyle Group, and Riverstone Holdings. In 2011, another notable deal was the $7.2bn acquisition of Samson Investment Company, an independent exploration and production company, by a consortium of investors including KKR, Natural Gas Partners, Crestview Partners, and ITOCHU Corporation.