MENA mergers, acquisitions worth $1.5bn in Oct

by Andy Sambidge Tuesday, 18 November 2008

Mergers and acquisitions in the Middle East and North Africa (MENA) region worth $1.5 billion were completed during October, Kuwait Financial Centre (Markaz) has reported.

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As the financial markets are being subjected to the volatile and uncertain environment, merger activity in the region continued to show signs of momentum with 25 deals done last month.
The growth in activity - just 15 deals were reported in July and August with 24 in September - is seen by Markaz as further evidence of the global slowdown as companies are seeking to consolidate across sectors, especially in financial services, the report added.

This, coupled with falling share prices, are making strategic acquisitions more attractive, the report said.

The financial services and the investment services sector dominated the mergers and acquisitions activity in the region during October.

The sectors, together contributing to a deal value of $521.9 million, formed almost one-third of the total deals during the month, Markaz added.

A Markaz spokesman said the total regional deal value of $1.5 billion did not reflect the actual value which may be higher, as values for deal values relating to certain sectors were not reported.

The largest transaction by value during October involved Dubai-based Abraaj Capital Ltd acquiring 50 percent stake in Pakistan-based KES Power Ltd for $400 million.



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