Three decades ago, Tom Flaherty carved out a niche as the ‘godfather of utility integration’ and he has been the ‘go-to’ advisor for every successful utility merger since. As the utility industry heads for further consolidation, this book provides the roadmap to successful execution. Tom’s disciplined approach to merger integration, navigating regulatory approvals, synergy optimization, and creating value is a tried and true formula for success.

An encyclopedic dissertation into the reasons driving utility M&A, the causes of transaction success and failure, and the plans to unlock value. Tom Flaherty’s participation in the depth of detail has given him unmatched insight into utility M&A. One is hard pressed to find another player seated at the table in so many utility combinations. The maturity of the industry and its commensurate lack of top-line growth has caused its leaders to look to M&A to contain costs and alleviate price pressures for customers. Tom is in a unique position to tell these stories and to distinguish among them.

The significant transformation of the utility industry over the years has been truly remarkable. Learnings from the past, skillfully chronicled in this book, indicate how profound change and progress lie ahead. Informed by over 25 years of direct involvement in most utility mergers and acquisitions, and enhanced by the views of prominent executives and professionals, Tom Flaherty has produced a notable work that provides key insights into the past and future of utility consolidations. A must-read for investors, utility executives, academics, and governmental officials. Roll-Up skillfully describes, analyzes, and projects the consolidation of the utility industry and how this essential and key element of the economy will change the future. If you are not thinking about how you will be impacted, you should be.

For decades, Tom Flaherty has been at the forefront of the strategic thinking driving our industry. His experience and vision uniquely position him to examine the challenges modern professionals face when executing M&A. It is absolutely imperative that any leader considering and evaluating M&A opportunities understands how to unlock the deal’s intended value. In Roll-Up, Tom takes you inside the challenges executives face when addressing these critical issues. Roll-Up goes beyond the traditional play-by-play of a merger. Tom uses his decades of expertise to dive deeper and examine the types of strategy, drivers, and actions within the utility space that have created the modern era of our industry.

It is rare for one person to have the breadth of experience across an industry sector, but Tom Flaherty certainly does, having participated in the vast majority of M&A transactions over the last 30 years. Roll-Up captures the rationale behind the utility industry’s M&A historical transactions and the logic for further consolidation. Roll-Up is a must-read for anyone interested in the history of the utility industry and its future direction.

This book looks at mergers and acquisitions in the utility industry from a strategic and practical point of view as experienced by one of the top experts in the field. As utilities faced competition, mergers were seen as a way to become, or stay, a low-cost provider. Tom Flaherty was always involved in estimating savings and guiding the implementation of the transaction, and whenever a merger or acquisition was considered, he was your first call.

Some will tell you that utilities are boring. This book proves that theory wrong with perspective on an industry vital to American enterprise. Over the course of his career, Tom Flaherty was at the table—advising the industry’s best when the stakes were high. His new book sheds important light on a sector that is more vital than ever to the American economy.

I have sought out many books on M&A, but this is the only one I have found specific to the utility industry and is immediately useful in a pragmatic way before, during, and after a deal . . . This book contains decades of knowledge and anecdotal experience from the utility M&A expert of our generation. It will become the go-to handbook for utility practitioners for the current generation and the next . . . it is a treasure trove of information that benefits both experienced strategists and those who will have future responsibilities for evaluating and executing utility mergers or acquisitions.

Roll-Up gives a fascinating account of utility sector consolidation from someone who was in the room where it all happened.

A comprehensive look at utility consolidation over the past three decades with valuable guidance for managing shareholder risk, navigating the complex regulatory approval process, and identifying and capturing value through successful execution and implementation of the transaction. You could not have a more experienced guide than Tom Flaherty to take you through the labyrinth of issues that must be navigated to successfully merge two utility companies.

This book ties together the history, process, and personalities of the massive consolidation of the utility industry over the last thirty years. So much of this M&A, which has shaped the current utility industry, continues to provide lasting benefits to all stakeholders. Over decades of working together, I have witnessed Tom Flaherty’s skills and insights, which helped shape the utility industry we know today . . . few people have had the impact on the utility industry that Tom has.

Tom Flaherty is the dean of utility M&A consulting and was involved in the creation of many of today’s most important companies. His insights and experiences will be valuable for both the industry-focused and general readers.

Planning for and successfully executing utility mergers requires the bringing together of many disciplines to achieve net benefits for the merging companies’ customers and investors. No one better understands the complex steps involved in achieving these twin goals than Tom Flaherty. Because of his extraordinary experience and knowledge, Tom has become the go-to advisor on utility combinations. Anyone who needs to understand the ‘hows’ and ‘whys’ of utility mergers should look no further than this excellent and comprehensive book. Filled with both history and important insights, it is a must-have resource for utility executives, their advisors, and regulators.

This is a no-nonsense, fact-filled dissection of how utilities join forces. The book is required reading to attain regulatory approval for a merger or acquisition. I have worked on a number of deals and it is a testament to Tom Flaherty’s credibility that both utilities jointly engage him to deliver on synergies that drive shareholder value.

When I have listed the ten most influential individuals in the energy and utilities industry over the past quarter century, this book’s author, Tom Flaherty, inevitably makes that list. There can be no better commentator on the history and dynamics of the industry’s M&A. If you are involved in energy and utility industry M&A in any way, or are impacted by it, this book is must-read.