Middle East M&A value triples in October

The value of deals targeting companies based in the Middle East tripled in October to $1.65 billion from $548 million in September despite deal volume being 56 per cent lower at 29 deals from 66, according to the latest M&A Report from Zephyr, an M&A database published by Bureau van Dijk.

In fact, $1,654m worth of deals was the best result since June 2010, while volume was at a 12-month low.

The month’s value result was driven by a $1.3bn rights issue by Safat-based commercial lender National Bank of Kuwait, which then went on to agree October’s second largest deal by value – a $184m purchase of Al Shaab National Real Estate Company.

By value, October’s result was way ahead of the year-ago period, standing more than double the $769m recorded in October 2009 despite a 40 per cent drop in deal volume over the period.

While Kuwait by far led the M&A sweepstakes in October, with deals valued at $1.57bn, the UAE was placed second with deals valued at $60m during the month.

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