M&A momentum hots up: but value falls in ‘99

CROSS-BORDER MERGERS and acquisitions in the global electricity sector rose in number by more than a third for the second consecutive year in 1999, but their value decreased from a high of almost $50 billion in 1998, by nearly a quarter, to $37.9 billion. The figures, released by PricewaterhouseCoopers in its annual analysis of M&A activity in the industry, show a total of 124 major deals were struck last year, up 35 per cent for the second year running. The average size of disclosed deals fell from $740 million in 1998 to $440 million last year.