https://neworleanscitybusiness.com/blog/2025/12/30/louisiana-ma-2025-largest-deals/

G.F. Gay Le Breton and Mitch Murray, Chaffe & Associates Inc.//December 30, 2025//

Louisiana’s 10 largest mergers or acquisitions in 2025 underscore the continued national and international interest in the state’s strategic infrastructure, natural resources, energy services and industrial technology sectors. At least seven of the top 10 deals address those industries.

Except for New Orleans-based Sazerac Company’s SVEDKA acquisition, each transaction involved a non-Louisiana buyer acquiring a Louisiana-based business.

In what has been one of the more active years for Louisiana-based M&A in recent memory, the state saw 201 transactions involving a Louisiana target, buyer, or seller announced or closed in 2025. This compares to 171 in 2024.  Most transactions do not disclose terms.

Louisiana M&A activity picked up in the second half of 2025 with lower interest rates and federal tax cuts that support capital investment. Of note is the December announcement of Harbour Energy’s pending acquisition of Covington-based LLOG Exploration, one of the largest privately held operators in the Gulf of Mexico, for a price of $3.2 billion.

Also in December, Baton Rouge-based Bernhard Capital Partners exited its electric infrastructure portfolio company, United Utility Services, in a $1 billion sale to Sandbrook Capital and Blackstone Credit & Insurance, the private credit and insurance arm of Blackstone Inc. The transaction positions United Utility to capitalize on rising demand and multi-year grid reliability and resiliency investments, supported by Sandbrook’s long-term capital and sector expertise. New Orleans-based United Utility will continue to operate under its existing brand and leadership, with Colt Moedl continuing as CEO.

In the largest transaction of 2025, AT&T subsidiary Forged Fiber 37 LLC acquired substantially all of the fiber internet connectivity assets of Lumen Technologies, Inc. for $5.75 billion, reinforcing AT&T’s push to expand its national broadband footprint.

Almost as large was the $5.7 billion investment by Williams Companies to acquire an 80% stake in Driftwood Pipeline and a 10% stake in Louisiana LNG LLC, marking its first direct investment in LNG and a long-term commitment to the U.S. Gulf Coast export market. This partnership with Woodside Energy deepens Williams “wellhead to water” strategy by integrating upstream gas sourcing, midstream infrastructure, marketing, and LNG export capabilities.

2026 M&A market

Looking forward to 2026, the U.S. M&A market is expected to be a dynamic one, with strength in the tech, industrial and healthcare sectors, supported by private equity activity and a favorable financing environment. The core catalyst for increased activity is technological innovation, propelled by AI transformation and energy transition. Companies who are viewed to benefit from AI tailwinds may see outsized multiples and deal activity.

Availability of capital is the lifeblood of M&A. The projected decline in the federal funds rate from the current 3.50%-3/75% to a consensus of 3.1% by 2027 suggests a more accommodative environment for deal making, as does the high level of dry powder held by both public and private markets. Cash on the balance sheets of the S&P 500 as of their most recent quarterly filings was estimated to be $3.49 trillion. U.S. private equity held $990 million of capital ready for investment at September 30, 2025, according to PitchBook. A deep bench of institutional investors and alternative asset managers are also fueling the private capital market, as are a growing list of family offices.

Also influencing 2026 activity will be private equity’s large, unrealized portfolio value, for which they must manage timing and execution of exits. U.S. private equity holds over $4 trillion in assets, with 40% held for more than 4 years.  Adding to this activity is the Baby Boomer generation, which still owns approximately 12 million U.S. businesses. Up to 70% of those are expected to be sold over the next 10–15 years.

Market challenges continuing into 2026 include geopolitics, uncertainty around tariffs, a more fractured global trade environment, an uncertain jobs market and the specter for elevated inflation. Still with real GDP and S&P 500 EPS expected to grow in 2026, the macro backdrop should generally support deal making.

G.F. Gay Le Breton is managing director for Chaffe & Associates Inc., responsible for the corporate finance activities of the firm. Mitch Murray is a corporate finance analyst with the firm. Investment banking services are provided by Chaffe Securities Inc., member FINRA/SIPC. For more information, visit http://chaffe-associates.com.