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Article: Deals
Who actually guarantees the rent in AI data centre deals?

Who actually guarantees the rent in AI data centre deals?

In August 2026, Anthropic, Macquarie Asset Management and GIC formed Theseus Infrastructure, a platform that will build, own and lease data centres back to Anthropic as anchor tenant. The headline is the money. The story is the structure. In a growing share of AI infrastructure deals the entity signing the lease is not the entity carrying the credit, and that changes where diligence effort belongs. Most deal teams have not moved it yet.

Justin Smith
Justin SmithManaging Director
Article: Deals
Certification as Currency: How AS9100, ITAR, and NADCAP Are Repricing Mid-Market Industrial Deals

Certification as Currency: How AS9100, ITAR, and NADCAP Are Repricing Mid-Market Industrial Deals

In mid-market industrials, certification status is doing as much work as EBITDA in setting valuation. Capstone Partners reports the average precision manufacturing M&A multiple has risen to 10.1x EV/EBITDA across 2023 to Q1 2026, with buyers prioritising qualification-ready capacity and secured specialised processes. AS9100, ITAR, and NADCAP each remove a specific piece of buyer qualification risk, but the premium is paid on the audit history, corrective action record, and customer approvals behind the certificate, not on the certificate itself.

Justin Smith
Justin SmithManaging Director
Article: Deals
The constrained supply base: Why power equipment and thermal management are now scarce assets

The constrained supply base: Why power equipment and thermal management are now scarce assets

AI infrastructure, grid modernisation, and defense spending are now bidding for the same narrow industrial supply base: power equipment, thermal management, automation, and advanced components. Buyers are paying an estimated 15 to 30% above sector medians for this category, reported by PwC, illustrated by Baker Hughes' $13.6 billion acquisition of Chart Industries after outbidding a rival merger of equals.

Justin Smith
Justin SmithManaging Director
Article: Deals
Reshoring is a deal thesis, not a policy talking point

Reshoring is a deal thesis, not a policy talking point

Justin Smith, Managing Director on why reshoring has moved from a supply chain risk slide to a valuation driver in industrials M&A. Average industrial deal size is estimated to have risen from $155 million to $375 million in two years, and US-targeted cross-border deal value nearly doubled to $72 billion in FY25, reported by PwC, as buyers price a strategic premium into domestic manufacturing capacity.

Justin Smith
Justin SmithManaging Director
Article: Deals
The virtual data room playbook for Energy transition deals

The virtual data room playbook for Energy transition deals

This capstone article answers the questions dealmakers ask when evaluating a data room provider for energy transition transactions: what a Virtual Data Room is used for across deal types, how divestments, roll-ups, joint ventures, project financings and PPAs each demand different platform capabilities, and why large financing syndicates need granular access control. Ansarada's two decades supporting energy transition deals span all four transaction types this series has traced: firm power PPAs, project financings, infrastructure acquisitions and technology roll-ups. The Storm BESS financing, a ten-institution syndicate spanning infrastructure funds and a seven-bank consortium, illustrates why granular, multi-level access control becomes essential once a deal syndicate reaches that scale. For dealmakers comparing data room platforms for energy sector transactions, the differentiator is one system spanning the full deal lifecycle, from divestment marketing through post-transaction integration and ongoing JV governance, rather than point solutions for each stage.

Justin Smith
Justin SmithManaging Director
Article: Deals
Battery Storage Isn't Optional Anymore: How BESS Became a Financeable Asset Class

Battery Storage Isn't Optional Anymore: How BESS Became a Financeable Asset Class

Grid-scale battery storage has moved from optional add-on to load-bearing infrastructure, and deal financing now reflects it. Storm's €330 million financing for two Belgian battery parks, syndicated across ten institutions including I4B, PMV, TINC and a seven-bank consortium, shows capital providers underwriting flexibility as its own asset class. Unlike generation assets, BESS revenue comes from arbitrage, frequency response and capacity payments, a multi-contract risk profile that suits syndicated project finance. For M&A and infrastructure dealmakers, storage is the fastest financeable answer to grid congestion, converting a physical constraint into an investable asset class with mainstream deal structures.

Justin Smith
Justin SmithManaging Director
Article: Mergers & Acquisitions
Leigh Golombick, Morgan Shaw Advisory: The human side of mid-market M&A

Leigh Golombick, Morgan Shaw Advisory: The human side of mid-market M&A

Leigh Golombick, Director of Transactions at Sydney-based boutique advisory firm Morgan Shaw Advisory, shares her outlook on Australian mid-market M&A in 2026 — from the structural drivers bringing founder-led businesses to market, to the sectors commanding buyer attention. She explores why search funds are emerging as a compelling exit pathway, how technology enablement is reshaping acquisition strategy, and why the empathy women bring to the advisory table is a genuine dealmaking advantage.

Leigh Golombick
Leigh GolombickDirector, Transaction – Mid-Market Lead Advisory, Morgan Shaw Advisory