(MENAFN) Zephyr's latest report on mergers and acquisitions (M&A) activity in the Middle East shows that transactions in the region plunged by 89 percent last month from December to USD406 million, reported Arabian Business.
On annual basis, the value of M&A deals plummeted by 85 percent in January.
In terms of volume, in the month, 11 deals were inked, representing a decline of 69 percent from December's 35 deals, and a drop of 61 percent from the 28 transactions recorded in 2011's same period.
Al Meera, the Qatar-based consumer goods wholesaler, reported the biggest deal in terms of value, a rights issue in which the firm will sell a 50 percent stake for nearly USD261 million.
The second highest-value transaction was Khalid Al-Barrak's acquisition of a 13-percent stake in Saudi-based Najran, the cement producer, which was valued at USD104 million.
In terms of volume, both the UAE and Saudi Arabia ranked first, with 3 deals each, with Saudi deals posting a value of USD104 million, whereas the UAE's recording a value of USD10 million.