The Americas region witnessed the highest upstream merger and acquisition (M&A) activity globally in March 2017, according to a report by GlobalData.
Titled ‘Monthly Upstream Deals Review – March 2017’, the report provides details of the global M&A activity in March this year.
A total of 60 M&A transactions with a combined value of $33.3bn were recorded during the month, which included 14 transactions with a value of more than $100m each and a combined value of $32.9bn, compared to six such deals with a combined value of $6.3bn in February.
The Americas led the global M&A activity in both volume and value terms, accounting for 58% and 82% of the total respectively. The region witnessed a total of 35 deals with a combined value of $27.3bn.
The top deal registered during the period was Cenovus Energy’s agreement to acquire 50% non-operated working interest in the Foster Creek Christina Lake oil sands partnership and the majority of western Canada Deep Basin gas assets located in Alberta, Canada.
The asset transaction deal was signed with ConocoPhillips and is valued at $13.3bn.