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Mideast M&A activity reached $21bn in October
- Middle East: Tuesday, October 30 - 2012 at 02:48
Business intelligence firm Bureau van Dijk has said merger and acquisition (M&A) activity in the Middle East sealed 228 deals in October this year to the tune of $20.98bn, Saudi Gazette has reported. One deal topped the $1bn mark in October, which was Saudi Arabia National Shipping Co's agreement to buy the fleet and business of Dubai-based crude oil tanker company Vela International Marine for $1.3bn, accounting for 64% of the overall total. The second-highest transaction by value in October was Saudi-based diversified conglomerate Savola raising its stake in Riyadh-headquartered dairy products business Almarai from 30% to 37%, in a deal worth $533m. In October, "a total of $2.017bn was invested across 14 transactions, which in monetary terms was a significant increase on the $143m recorded in September and also impressive compared with the same time last year when $536m was recorded," the report said.
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