Wednesday, Apr 25, 2012
0724 GMT [Zawya Dow Jones]--The total value of mergers and acquisitions in the Middle East and North Africa in the first quarter fell 40% to $8.5 billion compared with last year, according to an Ernst & Young report. However, the number of deals announced rose compared to last year and average deal size was down to $242.9 million in the first quarter. A total of 19 sovereign wealth and private equity deals took place in 1Q 2012, with 10 deals in March alone. "This could mean that private equity players, who are usually the first movers in M&A, are taking comfort from upward revisions of regional economic growth projections and are gaining in transaction confidence," says E&Y's Phil Gandier. Top deals involve U.A.E. sovereign wealth funds and private equity firms buying global assets. "Regional investors continue to dominate the M&A market and continue on their path of large international investments for solid assets. This trend will continue going forward," says Gandier. (nicolas.parasie@dowjones.com)
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(END) Dow Jones Newswires
25-04-12 0724GMT
