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Despite midstream mega-deal, Q3'16 energy M&A subdued

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Despite midstream mega-deal, Q3'16 energy M&A subdued

Merger and acquisition activity in the energy sector wasmore subdued in the third quarter of 2016, continuing a .

A notable midstream mega-deal was Enbridge Inc.'s acquisition, , of in a deal valuedat $28.4 billion.Enbridge management predicted double-digit-percentage dividend growth through2024, once the companies combine.

Advising Enbridge on the deal were Credit Suisse Securities(Canada) Inc., RBC DominionSecurities Inc., Bankof America Merrill Lynch and J.P. Morgan Securities LLC. Financial advisers forSpectra were BMO Nesbitt Burns Inc.,Citigroup Global MarketsInc., BarclaysCapital and MorganStanley.

The quarter's biggest utility deal broke in July, when NextEra Energy Inc. announced a deal to acquireOncor Electric Delivery Co.LLC as part of the bankruptcy reorganization of Oncor's majorityowner, Energy Future HoldingsCorp. NextEra bumped the deal value up to , from an initialdeal value of $18.4 billion, ahead of securing bankruptcy court approval for EFH to enter intothe transaction agreement Sept. 19.

With Texas regulators raising concerns about the deal and for Oncor, theacquisition by NextEra remains far from a sure thing.

Advisers for NextEra on the deal were Credit SuisseSecurities (USA) LLC, Bank of America Merrill Lynch, , J.P.Morgan, Wells Fargo SecuritiesLLC and UBSSecurities LLC. On the seller side, and Barclaysserved as advisers.

Another high-profile merger from the third quarter wasTesla Motors Inc.'smove to acquire SolarCityCorp, which was officially announced Aug. 1 as an all-stock deal valuedat $2.61billion. Elon Musk ischairman and CEO of Tesla Motors and chairman of SolarCity. He owns just over20% of each company's outstanding shares.

Evercore advised Tesla on the deal. On the seller side,financial advisers included Citigroup, Credit Suisse, Bank of America MerrillLynch, Deutsche Bank and LazardFreres & Co. LLC.

As of Sept. 30, Barclays ranked top among energy M&Afinancial advisers with 10 deals and a total transaction value of $75.15billion. Barclays' 10 deals also put it first among energy M&A by number oftransactions. Goldman Sachs &Co., which held the top slot at the end of the second quarter, slidto seventh place. Credit Suisse ranked second among energy M&A financialadvisers as of the end of third quarter with nine deals and a total transactionvalue of $72.12 billion.

Among energy M&A legal advisers, Sullivan & CromwellLLP topped the list with two deals and a total transaction value of $54.82billion, as of Sept. 30. Wachtell Lipton Rosen & Katz was close behind withthree deals and a total transaction value of $52.49 billion. Latham &Watkins LLP advised on the most energy M&A deals, with 21 and a totaltransaction value of $11.60 billion.