Upstream M&A is surging, driven by companies using innovative deal structures to close the bid-ask spread. Transactions involving contingent payments and/or payment in equity account for two thirds of global M&A spend 2017 ytd. In certain areas, innovative deals are becoming the new norm. In this note we address: 1) What are innovative deals? 2) Why the sudden explosion in activity? 3) What next? See download for complete report.