Total oil & gas industry M&A deals in Q4 2018 worth $1.68bn were announced in Canada, according to GlobalData’s deals database.

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The value marked a decrease of 89.3% over the previous quarter and a drop of 79.8% when compared with the last four-quarter average of $8.3bn.

Canada held a 1.9% share of the global oil & gas industry M&A deal value that totalled $88.47bn in Q4 2018.

In terms of deal activity, Canada recorded 40 deals during Q4 2018, marking a drop of 34.4% over the previous quarter and a drop of 42.9% over the last four-quarter average.

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Canada oil & gas industry M&A deals in Q4 2018: Top deals

The top five oil & gas industry M&A deals accounted for 81.2% of the overall value during Q4 2018.

The combined value of the top five oil & gas industry M&A deals stood at $1.36bn, against the overall value of $1.68bn recorded for the quarter. The top announced oil & gas industry M&A deal tracked by GlobalData in Q4 2018 was International Petroleum’s $574.89m acquisition of BlackPearl Resources.

In second place was the $250.73m acquisition of Enbridge Gas New BrunswickPartnership and Enbridge Gas New Brunswick by Algonquin Power & Utilities and in third place was Enbridge’s $198.79m asset transaction with Athabasca Oil.

The $195.04m acquisition of 4Refuel Canada and 4Refuel US by Finning International and Mistras Group’s acquisition of Onstream Pipeline Inspection Services for $143m held fourth and fifth positions, respectively.

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm.

GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.

More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.