First-half mergers & acquisitions hit another record breaking through the $1 trillion mark, thanks largely to deals for financial companies, according to preliminary numbers from Dealogic.
Takeovers of U.S.-based banks and other financial institutions rose to $157.48 billion during the first half, up from $90.59 billion a year earlier, to take the lead spot from telecommunications companies. Buyouts of First Data and Sallie Mae topped the sector rankings. To see a table of Dealogic’s breakdown of first half M&A activity click here.
Telecommunications dropped almost by half during the same period, falling from its spot as the most active sector during the first half of 2006 to the sixth-most active sector by volume so far this year with $80.72 billion worth of deals. Alltell’s sale helped keep the sector from falling off the charts altogether.                                                                                                   Â
The two big sector gainers during the quarter were real estate and technology, where deal values nearly tripled. Dealogic said $107.09 billion worth of real estate deals, were announced, including Tishman Speyer’s and Lehman’s planned purchase of Archstone-Smith, while technology companies went for a total of $104.56.
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