June M&A volume touches USD 851 mn

Agencies
Posted: Friday, Jul 17, 2009 at 1555 hrs IST
Updated: Friday, Jul 17, 2009 at 1555 hrs IST

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New Delhi: Merger & acquisition activities in the country have gained momentum with the total deal volume in June touching USD 850.62 million, which is much higher than in May.

The total number of M&A deals announced in the month of June this year stood at 26 with a total announced value of USD 850.62 million, according to global consultancy firm Grant Thornton.

This is substantially high from USD 118.83 million worth of deals in May and USD 427.55 million transactions in April.

"There has been a reasonable amount of M&A activity in June 2009. While this has been higher than April and May 2009, it is significantly lower than last year's levels," Grant Thornton Partner (Valuation services) C G Srividya said.

In June 2008, Indian companies struck 49 deals worth USD 5.32 billion, the report said.

There were 13 domestic deals where both acquirer and target were Indian, with an announced value of USD 587.74 million and as many cross-border deals valuing at USD 262.88 million during the month.

Three of the cross border deals were outbound deals where Indian companies acquired business outside India with a value of USD 139 million.

There were 10 inbound deals where international companies or their subsidiaries acquired Indian businesses with a total value of USD 123.88 million, it said.

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