The value of M&A activity in Canada dropped significantly in the first quarter of this year, according to the latest data.
The first quarter ended with 124 deals worth $14.4-billion (U.S.), a 59 per cent decrease by value and an 11.4 per cent decrease by volume from the same period last year – with its 140 transactions valued at $35.5-billion – says a report by Mergermarket released Monday.
The past quarter's performance was the lowest valued first quarter since 2010 – $12-billion and 117 deals – and the lowest volume since the first quarter of 2011 – $15.9-billion and 105 deals – the M&A intelligence service said.
Following past trends, the energy, mining and utilities sector dominated the list with a 52.4 per cent market share by value ($7.6-billion and 26 transactions).
But the biggest single deal by value in the quarter was in real estate: H&R Real Estate Investment Trust's $2.9-billion acquisition of Primaris Real Estate REIT.
In second place was Imperial Oil Ltd.'s $1.984-billion purchase of a 50-per-cent stake in Celtic Exploration Ltd.
The data are based on deals over $5-million.
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