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Transport Fuel Costs Could Test M&A, Investment Bank Says

William Blair’s investment‑banking head says transportation, logistics and industrial firms have been able to pass higher fuel and input costs to customers, keeping M&A activity robust. Global dealmaking hit about $1.3 trillion in Q1, but that momentum could fade if energy prices stay elevated and pricing power erodes. The bank expects roughly 200 transactions a year, each ranging from $200 million to $2 billion, while the deal mix is moving from software toward essential services such as infrastructure and HVAC. Private‑equity investors are also gravitating toward defense spending amid the same cost pressures.