Merger and acquisition (M&A) activity involving Irish companies has remained at a high level, with the number of deals reaching 57 in the third quarter of 2006 compared to 31 in the third quarter of 2005, according to the latest M&A tracker survey from Ion Equity.

Deals worth €1.8 billion were completed in the recent quarter, compared to €3.8 billion for the same quarter last year. However, Ion Equity said that the 2005 period had been distorted significantly by one major transaction, the €2.5 billion merger of Jefferson Smurfit and the Kappa Group.

"If one excludes the Smurfit Kappa deal, then deal values in third quarter 2006 are actually 50 per cent higher than in third quarter 2005, and that's a very positive trend," said Ion Equity director Joe Devine.

CRH's €1 billion acquisition of APAC in the United States was the single biggest deal in the quarter. It was followed by Glanbia's €82 million takeover of Selzer in the US and the Drummaville consortium's €69 million takeover of Sunderland FC.