Canadian M&A – Our Q2/2017 Review

Posted By: Karen Fisman and Yingxi Liao

At Valitas, with our focus on Canadian mid-market M&A, it’s been a busy second quarter.  This week, we reviewed announced deal data sourced from Capital IQ to measure activity for the broader Canadian market.  We were also fortunate to speak with Jay Hoffman, Leader of Miller Thomson’s National Corporate and Mergers and Acquisitions Practice, about his perspective on mid-market M&A activity.

While Q2, 2017 lacked the energy sector mega-deals[1] that propelled value in Q1, total deal value was up almost 15% over Q2, 2016, at $59 billion[2], with volume remaining relatively flat at 757 transactions.  Energy and Utillities were top performers, with the two largest deals of the quarter coming out those sectors.  Excluding transactions exceeding $1 billion, deal value increased by 10% in the quarter on volume that was almost unchanged from Q2, 2016. Cross-border transactions represented more than half of activity by value and volume, with inbound and outbound deals increasing slightly in both categories over the previous year.

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[1] For example, the $17.7 billion Cenovus acquisition of ConocoPhillips’ Canadian oil sands assets.

[2] All dollar amounts are Canadian unless stated otherwise.

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