Corporate India’s shopping spree continued unabated in the third quarter of this year, with merger and acquisition (M&A) deals worth $12.17 billion were announced, taking the year-to-date tally to $28 billion, says a report. In the July-September quarter, there were 140 M&A deals worth $12.17 billion as against 146 M&A transactions worth $6.87 billion in the year-ago period.
According to global audit, tax and assurance firm Grant Thornton, the significant rise in M&A deal activity in the September quarter was majorly driven by $3 billion deals contributing to over 50 per cent of the values. The quarter also witnessed two mega mergers in telecom and banking sectors.
Overall M&A values saw a 33 per cent rise in the first nine months of this year largely owing to increase in domestic deals along with big ticket mergers and restructurings. During January-September period, there were 244 domestic deals worth $11.84 billion, and 13 mergers and internal restructuring worth $4.94 billion.
However, cross border M&A activity declined by 13 per cent owing to fewer big-ticket transactions. There were 17 deals over $100 million so far this year as compared to 26 such deals in January-September 2015. The deal outlook remains bullish for the months ahead.