M&A remains an indelible feature of the infrastructure services sector and it happens in a very cyclical pattern. The strongest segments and geographies mature, often supported by private investment capital, and the best providers are consolidated or acquired by strategic buyers. Technology inevitably changes and so too does the underlying infrastructure that supports it. And this sparks the next wave of divestments, investments and strategic M&A. The shifts in the industry have been startling with the rise of hyperscale. Some investment funds have shifted focus into new areas and infrastructure-oriented investors now have a strong alignment with the fundamentals of the sector. Unsurprisingly, there has been a lot of activity as a result. The other new wrinkle is the increasingly global nature of M&A. Infrastructure is now a global game with global requirements. And capital flows are quickly following suit, investing and partnering across borders. This report takes a look at some of the most significant transactions over the last year or so across the entire ecosystem. What do the sector’s deals tell us about the directional trends in M&A? Where is capital flowing, what deals are next and why?