2022 Utility & Communications Construction Outlook, Update Mergers & acquisitions 2022 was one of the hottest mergers and acquisitions markets on record before entering the fourth quarter and the volume of transactions increased over this period. Th e specter of a potential increase in capital gains saw owners considering whether it was the appropriate time to sell. Couple potential tax increases with the stress of managing a company FIGURE 6: Recent Deal Activity Announced 12/2021 12/2021 12/2021 12/2021 11/2021 10/2021 10/2021 Target National OnDemand Crown Utilities Darrah Contracting New England Electrical Frontline Power Construction Urban Cable Technology Americom Technology through the pandemic and many owners answered " yes. " Th e type of acquisition activity in 2021 shines a spotlight on the direction that many players in the utility construction industry are placing their bets. Th e shift toward renewable energy was seen in the acquisition of Blattner by Quanta, the communication and grid hardening trends were seen in the acquisition of Future Infrastructure Acquirer Blue Point Capital Brightwood Capital Revive Infrastructure Pfi ngsten Orbital Energy Group Qualtek USA Crestone Services Group by Primoris, and the repair of the electrical distribution grid and expansion of electrical transmission are seen in Centuri's acquisition of Riggs Distler and Orbital Energy Group's acquisition of Frontline Power Construction. * 1 FMI 4Q Outlook 2021 2 See https://www.eei.org/issuesandpolicy/ electrictransportation Business Description Communication Services Power T&D Directional Drilling Electrical Services Power T&D Fiber Installation & Repair Fiber Installation & Repair Highly accurate gyro with innovative versatility, specifically designed for HDD. 281.288.2560 | SharewellHDD.com OptiTracHalfPageAd.indd 1 UCONonline.com | JANUARY 2022 12/30/21 9:01 AM 17https://www.eei.org/issuesandpolicy/electrictransportation https://www.eei.org/issuesandpolicy/electrictransportation http://www.SharewellHDD.com http://www.UCONonline.com