Mergers and acquisitions up 30%

The number of merger and acquisition deals involving Irish companies increased by 30% to 38 in the first quarter of 2006 compared to the same period a year earlier, the latest M&A tracker survey from corporate finance specialists Ion Equity reveals.

The value of deals in the first quarter, however, fell by 70% to €1.16bn from almost €4bn in the first quarter of 2005.

Ion Equity Director Joe Devine said, however, that the first quarter 2005 figures were heavily distorted by one very large deal - Waren’s acquisition of Warner Chilcott for €2.3bn.

"Business sentiment remains very positive and all the indications are that M&A will remain active over the coming year. We have already had a strong start to the second quarter with deals like the sale of Stockbyte to Getty Images for €115m," he added.