Recently, our firm's Calgary office completed a review of
M&A themes and deal terms in the oil and gas sector for the
first half of 2014. This study contains a list of oil and gas
M&A transactions over the six month period, a review of key
trends in deal terms, a summary of notable features of each
transaction, an analysis of the timelines and a numerical analysis
of key deal terms.
A few key themes emerged from our review:
International assets managed in Canada led the hit parade in the
first six months of 2014, both by number and deal value. The second
largest international deal of the period was larger by value than
all the other domestic deals combined. Other notable features
The period saw a rebound in activity from 2013 (by 33%), but
not a return to the levels of 2012 (about one-third below 2012)
Service deals dwindled - only one deal was completed in the
period and it involved the acquisition of a related-party
Financial buyers completed no transactions in the first half of
There were no acquisitions of domestic targets by international
There was some topping activity in the first half, a phenomenon
that was absent in 2013
Generally, the sales processes were not frantic and involved
the usual mix of stories that unfolded quickly and others that went
on for more than a year
Cash went from comprising some or all of 68% of deals in 2013
to just 43% in the period
Deal completion time crept up, with 29% of the deals running
over 70 days, against 18% in 2013, but this was likely a function
of more foreign-law deals
Changes in deal terms were mixed, but there was some bias to
improved conditions for targets from 2013, perhaps reflecting
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