Q2 2026

MEP Services M&A Update

In Q2, the S&P 500 Construction & Engineering Industry Index increased by 27.7% and outperformed the S&P 500, which increased 14.0% over the same period.
The median EV/EBITDA multiple for reported private equity deals in the MEP Services sector increased to 8.1x in 1H 2026 from 7.4x in 2025, and increased for strategic deals to 10.0x from 7.7x in the prior year.
M&A deal volume in the sector increased 18.7% in Q2 to 463 deals from 390 in Q1, and decreased 3.7% from 481 deals in Q2 of the prior year.
Europe was the most active region in Q2 with 210 deals in the MEP sector. Most notably in Europe was Engie’s $14.2 billion acquisition of UK Power Networks, a London provider of electricity distribution services, in May 2026.
Total capital invested in M&A transactions increased 150.5% in Q2 to $25.3B from $10.1B in Q1 due primarily to a rise in the number of mega-sized deals (>$1B) including the UK Power Networks deal mentioned above, while the largest deal reported in Q1 was WSP Global’s $3.3 billion acquisition of TRC Companies.