Glamour and the utilities sector have seldom gone hand in hand. But amid a generally slow M&A market, the sector is producing an increasingly healthy stream of deals, including some of the largest seen so far this year. Banks are responding by sharpening their specialist skills.

While telecoms bankers are cautious about the market, in utilities optimism abounds. Nicholas Wrigley, head of the utilities and natural resources team at NM Rothschild, says: 'We're having a good run. Deregulation and restructuring across Europe are driving the deals.'