PwC’s quarterly review of merger and acquisition activity reveals that Canadian corporate purchases in foreign markets rose 191% to $21.8 billion in the second quarter of 2012 compared with the same quarter in 2011.
One of the larger foreign acquisitions involved purchasers from B.C.
A consortium led by Macquarie Infrastructure and Real Assets agreed to acquire OGE, which owns and operates the longest regulated supra-regional gas transmission network in Germany. British Columbia Investment Management Corporation (BCIMG) was one of the investors in the consortium.
“Canadian firms are combating slow domestic growth by making acquisitions abroad,” said Nicolas Marcoux, PwC’s Canadian deals leader.
PwC’s survey showed that, despite the surge in Canadian M&A activity outside Canadian borders, there was a 2% overall drop in the value of mergers and acquisitions involving Canadian companies in 2012’s second quarter, compared with the same quarter in 2011.
Another significant deal that involved a B.C. company was Dassault Systemes SA buying B.C. software maker Gemcom Software International for $360 million cash.
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