市場調査レポート
商品コード
1232453
適正市場価値 (FMV):主要政策・買収動向・企業Fair Market Value: Key Policies, Acquisition Trends, and Companies |
適正市場価値 (FMV):主要政策・買収動向・企業 |
出版日: 2023年03月02日
発行: Bluefield Research
ページ情報: 英文
納期: 即日から翌営業日
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上下水道事業者は、インフラの老朽化、コンプライアンス上の課題、気候変動の影響などにより、大規模なインフラ投資の必要性に直面しています。
競争力を持つIOU (民間ユーティリティ事業者) 市場がディールフローを推進することから、地域のシステムオーナーは、資産を売却し、財政的・規制的負担をIOUに委ねることを選択するようになっています。公正市場価値 (FMV) 法は、この統合を促進するための政策として登場しました。
当レポートでは、米国の適正市場価値 (FMV) 法を調査し、FMV法の概要、FMVの導入タイムライン、州による政策の違い、FMVを利用している上位のIOU、FMVのディールフロー、主なディール動向などをまとめています。
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Water and wastewater utilities across the board are facing major infrastructure investment needs as a result of aging infrastructure, compliance challenges, and climate change. As federal funding for water infrastructure has steadily declined since the 1970s, state and local agencies have been forced to pick up the tab for capital improvements. With nearly 50,000 water systems and 20,000 wastewater systems in the U.S., states have implemented different acquisition incentives to support consolidation and address these challenges.
With a competitive IOU market driving deal flow, local system owners are increasingly opting to divest assets and off-load financial and regulatory burdens to investor-owned utilities (IOUs). Fair Market Value (FMV) legislation has emerged as a policy solution to help facilitate consolidation efforts. The legislation-now active in 12 states-encourages the acquisition of distressed water and wastewater systems by regulated water utilities.
Bluefield has tracked approximately 1,200 deals submitted for regulatory approval since 2015, with only 8% having been executed using FMV. The legislation has historically played a relatively small role in IOU M&A, but increased utilization is having a ripple effect across states with active policies. As pressure builds to consolidate struggling utilities, more states are likely to employ incentives like FMV to support acquisitions.
Data is a key component to this analysis. Our team has compiled relevant data dashboards available as an add on purchase option.
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