Phillips 66 Boosts Global Deals, while PE-backed M&A Rebounds
One large transaction led the global M&A sector this week.
ConocoPhillips on Tuesday completed the spinoff of its refining, marketing, chemical and transportation arm, Reuters reported. Phillips 66 began trading on the NYSE under the ticker “PSX.” The spinoff was valued at about $20.9 billion, according to Dealogic and Thomson Reuters.
The Phillips 66 spinoff was the week’s top deal and gave mergers a significant bump in deal value. There were 446 global announced transactions for the time period, valued at roughly $68.1 billion, Dealogic said. By comparison, Thomson Reuters reported that there were 344 global announced deals, totaling $56.9 billion.
The number of deals is the lowest so far this year, according to both data providers. Deal value, however, produced different results. The $68 billion ranks this week as the second best — in terms of deal value — for all of this year, according to Dealogic. (Thomson Reuters places the week as the fourth best).
On the private equity side, transactions improved from last week’s dormant state. There were 52 PE-backed global announced transactions, totaling about $6.2 billion. In terms of deal value, the $6.2 billion was the third best week for PE deals, according to Thomson Reuters data.
Here are the top 5 PE deals, according to Thomson Reuters (publisher of peHUB).
Photo courtesy of Shutterstock
In the U.K., Capital & Regional and Oaktree Capital Management agreed to buy the Kingfisher Shopping Center from Scottish Widows Investment Partnership, according to the Redditch Standard.
The Kingfisher is a “dominant sub-regional mall” with anchor retailers including Debenhams, M&S and Primark, PropertyEU said.
Thomson Reuters values the deal at $210.821 million.
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