Oil and gas M&A review published for H1 2013

Chip Johnston and Andrew Wong -

Our firm’s Calgary office recently released its review of public M&A transactions in the oil and gas sector for the first half of this year. The study is based on a survey of the nine transactions involving corporate targets listed in Canada that were announced between January 1, 2013, and June 30, 2013.

This study canvasses emerging themes and trends in public oil and gas M&A, including a review of key trends in deal terms and a survey of notable terms and conditions.

Ultimately, the review confirmed a sharp reduction in activity in the sector. The total value of deals in H1 2013 was only 3% of the value of deals in H1 2012. There were no transactions completed in the period worth more than $200 million and the total deal value was just $492 million. Four of the nine deals were completed by strategic acquirors, with the remainder being completed by financials. An unusually large proportion of the deals involved acquisitions by large or controlling shareholders. There was no topping or contested activity during the review period.

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