Inward investment topped £500m in Q3
OVERSEAS buyers acquired more than half a billion pounds worth of North West assets in the third quarter, according to research from Deloitte.
According to the accountancy firm’s Cross-Border Deals Radar more than £581m was invested across 17 deals in three months to the end of September.
The figure is based on the 10 deals where the value was disclosed. Three of them were valued at more than £100m.
In the same period last year 14 transactions were completed but deal values were only disclosed in three cases giving a total of £26.3m.
Deloitte said key transactions in the third quarter included the sale of Phones 4u’s Crewe-based insurance arm Lifestyle Services Group in a £107m deal to New York Stock Exchange-listed Assurant; the £108m sale of Cheshire-based Payzone Group’s ATM business to Cardtronics, a NASDAQ-listed ATM operator; and the sale of Manchester-based energy management company Green Sky Energy to German-based utility firm E.ON.
Meanwhile the number of deals involving North West businesses acquiring overseas assets also increased with 10 deals worth £102m, compared to six last year. However, the average value of deals was higher in 2012.
Nigel Birkett, debt advisory partner at Deloitte in the North West, said: “The latest figures demonstrate an increased appetite for M&A in the region. We are seeing an increased appetite for businesses to invest, either by utilising cash reserves built up in recent years or re-gearing balance sheets as confidence in the economy improves. This increased investment should be a boost to the region and provide a platform for further growth.”
The data for Deloitte’s North West Cross-Border Deals Radar was gathered by Experian.
