STATISTICAL REVIEW PAN-AFRICA Chart C: M&A 2012
Utility & energy (146) Oil & gas
other (8)
Metal & steel (504)
Oil & gas diversified (4,884)
(Total - $17.72 billion) Chart D: Mining M&A (volume)
10 20 30 40 50 60 70 80
0 2005 2006 2007 2008 2009 2010 2011 2012 Chart E: Mining M&A (value)
1000 2000 3000 4000 5000 6000 7000
0 2005 2006 2007 2008 2009 2010 2011 2012 Chart F: Oil & Gas M&A (value)
1000 2000 3000 4000 5000 6000
0 2005 2006 2007 2008 2009 2010 2011 2012
West Africa Southern Africa South Africa East Africa
Central & Middle Africa Horn of Africa
West Africa Southern Africa South Africa East Africa
Central & Middle Africa Horn of Africa
Mining general (10,071)
Oil & gas E&P (2,104)
“ Oil & gas-diversified
Oil & gas-field equipment & services
Oil & gas-exploration & development
Oil & gas-pipeline
Oil & gas-refinery/ marketing
North American investors completed 64 deals, the highest number over the past seven years
increase. However, statistics also show inconsistency due to a lack of base level M&A activity in more fragile markets for example Guinea, which saw deals totalling $3.85 billion in 2010 but none in 2012. According toDealogic Charts D and E, West African mining M&A
peaked in 2011, largely due to large one-off transactions in Sierra Leone, Guinea and Ghana, while 2012 was kept active by a single large transaction in the Senegalese mining sector. Active markets in 2012 in- cluded Ethiopia ($81 billion and five transactions), Burkina Faso ($55 million and 11 transactions), Liberia ($43 million and four transac- tions) and Ghana (nine transactions totalling $24 million). Mozam- bique and Tanzania formed the cornerstones of the East African mining M&A market, which here include Mauritius, with deals of $597 mil- lion in Mozambique and $73 million in Tanzania in 2012 out of a total of $770 million. In Central Africa, the DRC (Democratic Republic of the Congo) was the biggest mining M&A market with 12 completed transactions in 2012 valued at $1.86 billion. While the Sub-Saharan region is dwarfed by South Africa, which
saw 53 transactions totalling $5.85 billion (58% of the entire mar- ket), Zimbabwe had a busy 2012 with 13 mergers or acquisitions with a combined value of $814 million, while Namibia, the other mainstay of Southern African mining M&A, saw deals worth $238 million.
Nigerian market tops oil and gas M&A charts The oil and gas sector saw a steady increase in the volume of M&A transactions as a whole across the region. Despite uncertainty over legislation and concerns over security, Nigeria had a boom year in terms of the value of oil and gas M&A in 2012, with eight transac- tions being completed at a total value of $5.56 billion, which ac- counted for 80% of the Sub-Saharan region’s total oil and gas M&A value in 2012. In volume terms however the country only accounted for 8% of transactions, in contrast to South Africa which saw 15 deals close for a total of $90 million (Charts F, G and H). The other large oil and gas hub, Angola, has an erratic M&A mar- ket but in 2012 was the second biggest in value at $590 million, followed by Chad which saw three transactions close for $331 million. Other active M&A markets were Madagascar, Ethiopia and Tanzania, while Kenya and Sierra Leone saw a high volume of small transactions. Uganda, which along with Ghana has been developing an oil industry, saw its peak of activity in terms of M&A deals in 2010 and 2011 – and these deals alone are behind the peak in the East African oil and gas M&A of 2010 and 2011, but practitioners are hopeful that activity will con- tinue and spill out into other peripheral sectors to the core oil and gas industry. Elsewhere, the metal products and processing sector of
the region saw 16 M&A transactions concluded worth $504 million in all, while hydroelectric power accounted for transactions worth $92 million – 63% of the utilities and energy sector – and electric power at $30 million (Chart C).
ENERGY & INFRASTRUCTURE | SUB SAHARAN AFRICA 2013 5
$ million
$ million
no. of deals
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