Deal-making in Europe's media and telecom sectors in April fell 18.2% year over year to 90 deals against 110 transactions in the same month in 2021. According to S&P Global Market Intelligence data, the M&A volume last month also faltered against the 115 deals recorded in March.

April's biggest deal value did not make past $180 million.

Deals in the interactive home entertainment subsector made up nearly half of April's top 10 deals, with advertising, integrated telecom services, alternative carriers, and movies and entertainment contributing the rest.

U.K.-based gaming technology provider International Game Technology PLC's agreement to acquire casino software company ISBT Holdings Ltd. was the month's top merger agreement.

The $174 million acquisition is expected to close in the second quarter, subject to customary closing conditions. International Game Technology engaged Oakvale Capital LLP as lead financial adviser on the deal.

Media and Games Invest SE's deal to buy Spain-based mobile game developer AxesInMotion SL does not stray far from April's top deal at $173.9 million and ranked second for the month under review.

Meanwhile, Cellnex Telecom SA's deal to acquire a portfolio of up to 350 towers and rooftop sites from Portugal's NOS SGPS SA for $168.3 million in April is the latest in the Spanish telco infrastructure operator's string of tower acquisitions and sales. The transaction is subject to the approval of the Portuguese Competition Authority.

Earlier in March, Cellnex reached a definitive agreement to sell 3,226 telecom sites in France to towers operator Phoenix Tower International LLC. The telco was also reported to be preparing an offer for Deutsche Telekom AG's tower unit comprising 40,600 masts.