Europe’s oil & gas industry saw a drop of 45.2% in deal activity during May 2019, when compared with the last 12-month average, according to GlobalData’s deals database.

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A total of 23 oil & gas industry deals worth $4.34bn were announced for the region in May 2019, against the 12-month average of 42 deals.

Of all the deal types, M&A saw most activity in May 2019 with 19 transactions, representing an 82.6% share for the region.

In second place was private equity with three deals, followed by venture financing deals with one transactions, respectively capturing a 13.04% and 4.4% share of the overall deal activity for the month.

In terms of value of deals, M&A was the leading category in Europe’s oil & gas industry with $2.54bn, while private equity and venture financing deals totalled $1.8bn and $0.34m, respectively.

Europe oil & gas industry deals in May 2019: Top deals

The top five oil & gas deals accounted for 98.9% of the overall value during May 2019.

The combined value of the top five oil & gas deals stood at $4.29bn, against the overall value of $4.34bn recorded for the month. The top announced oil & gas deal tracked by GlobalData in May 2019 was Ithaca Energy’s $2bn acquisition of Chevron North Sea.

In second place was the $1.8bn private equity deal with Howden Group by KPS Capital Partners and in third place was TGS-NOPEC Geophysical Company’s $422m acquisition of Spectrum.

The $44.89m asset transaction with The Dow Chemical by Trinseo and Joyful Treasure Enterprises’ acquisition of Ample One for $21.2m held fourth and fifth positions, respectively.

Verdict deals analysis methodology

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. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.

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.