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Mergers are up in Canada, and rather than the big mega-deals, it's a pile of smaller transactions that is driving activity.
The total value of mergers and acquisitions in the first three quarters of 2014 is running well ahead of last year, according to Mergermarket. Of course, the big transactions such as Burger King Worldwide Inc.'s agreement to buy Tim Hortons Inc. for $12.8-billion (U.S.) still account for a large amount of activity.
But what's really notable is that there have been 461 deals in the first nine months of the year, which Mergermarket said is the highest in the time the firm has been tracking Canada – which goes back to 2001. The second quarter was the strongest on record for deal count, while the third quarter was the third-busiest in that time.
Total deal value in the first three quarters was just shy of $75-billion, up from $54-billion last year. In fact, 2014 has already surpassed the full year total for 2013. A strong fourth quarter could put this year close to on par with 2012, which was the best year since the financial crisis.
Cross-border M&A is also fuelling activity, with inbound purchases from the U.S. at a post crisis high, thanks in large part to Burger King's attempt to swallow Tim Hortons.