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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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Tickers mentioned in this story

Study and track financial data on any traded entity: click to open the full quote page. Data updated as of 27/03/24 4:00pm EDT.

SymbolName% changeLast
IMO-A
Imperial Oil Ltd
+0.07%68.65
IMO-T
Imperial Oil
+0.21%93.29
T-N
AT&T Inc
+2.15%17.55
T-T
Telus Corp
+1.17%21.59
TU-N
Telus Corp
+1.34%15.91

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