Led by $800m acquisition of Cook Inlet Natural Gas Storage Alaska, ENSTAR Natural Gas and Norstar PipelineInc, North America’s oil & gas industry saw a drop of 3.45% in cross border deal activity during Q2 2022, when compared to the last four-quarter average, according to GlobalData’s deals database.
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A total of 21 cross border deals worth $1.7bn were announced for the region during Q2 2022, against the last four-quarter average of 21.75 deals.
Of all the deal types, M&A saw most activity in Q2 2022 with 13 deals, representing a 61.9% share for the region.
In second place was venture financing with seven deals, followed by private equity deals with one transactions, respectively capturing a 33.3% and 4.8% share of the overall cross border deal activity for the quarter.
In terms of value of cross border deals, M&A was the leading category in North America’s oil & gas industry with $862.52m, while venture financing and private equity deals totalled $731.5m and $150m, respectively.
North America oil & gas industry cross border deals in Q2 2022: Top deals
The top five oil & gas cross border deals accounted for an 89.2% share of the overall value during Q2 2022.
The combined value of the top five cross border deals stood at $1.56bn, against the overall value of $1.7bn recorded for the quarter.
1) TriSummit Utilities $800m acquisition deal with Cook Inlet Natural Gas Storage Alaska,ENSTAR Natural Gas and Norstar PipelineInc
2) The $350m venture financing of Crusoe Energy Systems by Atreides Management,Bain Capital Ventures,Castle Island Ventures,CMT Digital Ventures,DRW Venture Capital,Engine No. 1,Exor Seeds,Felicis Ventures,Footprint Coalition Ventures,Founders Fund,G2 Venture Partners,Inclusive Capital Partners,Lowercarbon Capital,MCJ Collective,MitsuiGlobal Investment Inc,Mubadala Investment,Oman Investment Authority,Polychain Capital,Tao Capital Partners,Upper90,Valor Equity Partners,Winklevoss Capital Management and Zigg Capital
3) Grey Rock Energy Partners $150m private equity deal with Vault CCS Holdings
4) The $130m venture financing of Twelve by Breakout Ventures,Capricorn Investment Group,Carbon Direct Capital Management,Chan Zuckerberg Initiative,DCVC Management Co,Elementum Ventures,Microsoft Climate Innovation Fund and Munich Re Ventures
5) Cercano Management,Chaac Ventures,Conversion Capital,Enterprise Holdings,Equinor Ventures,Invus Opportunities,Madrona Venture Group,Maveron,Mitsubishi,Perot Jain,Renewable Energy Group,Rose Park Advisors,Thayer Ventures and Version One Ventures $125m venture financing deal with Booster Fuels