Heligan Group's 2026 Q2 review

UK Infrastructure Services M&A tracks 87 completed deals in Q2 2026, confirming that UK infrastructure services M&A activity has held up despite political and regulatory uncertainty. Buyer demand is concentrating on businesses aligned with funded public infrastructure programmes, tightening regulation and scarce technical capability, with Engineering & Contracting Services (33 deals, led by Specialist Construction) the most active segment, alongside rising interest in Waste Management & Recycling and Drainage & Wastewater. The report covers the full breadth of the sector, from Built Environment Professionals and Environmental Specialists through to Engineering & Contracting Services and multidisciplinary groups spanning maritime, energy & utilities, transport and facilities management. Private equity remains central to dealmaking, involved in 43% of Q2 transactions (direct PE buyouts plus PE-backed platforms), even as pure PE-led acquisitions fell to just 10%, while inbound overseas investment dropped sharply to 18% of deals from 45% in Q1, a shift Heligan links to infrastructure increasingly being viewed through a strategic and sovereign lens.

This report is produced by Heligan Group's Infrastructure Services team (led by Andy Dickinson) and is best suited to owners, management teams, investors and advisers active in UK engineering, construction, environmental services, utilities and regulated infrastructure who want data-backed insight into M&A trends, valuation drivers and the regulatory and political forces shaping the sector in 2026.