The number of mergers and acquisitions by Irish firms increased during the first three months of the year despite difficult debt markets, according to a report from Ion Equity.
The latest M&A Tracker Survey from private equity company Ion Equity there were 54 separate deals between January and March compared to just 34 during the same quarter in 2007.
However, the overall value deals fell significantly, falling by 30 per cent to just under €2.9 billion, compared with 2007. The €1.08bn acquisition of Airtricity accounted for almost one-third of the value of M&A deals this year.
Ion Equity director Joe Devine said, given the international market conditions the result was "by no means a poor one" and said he expected this pattern to be continued during the second quarter.
Among the deals completed in the first quarter was the purchase by CRH of a 50 per cent stake in My Home Industries for €290 million and the purchase of a 49.99 per cent stake in Bulgarian American Credit Bank by AIB.