US and Canadian media and telecom companies tallied 108 M&A transactions in March, with an aggregate value of $1.86 billion, according to S&P Global Market Intelligence data.
While deal volume plunged 40.3% year over year, total deal value surged 52.5% from $1.22 billion in the year-ago period. The deal value also represents a sequential increase from the February total of $289.2 million from 99 transactions.
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The sector's biggest deal in March was Radius Global Infrastructure Inc.'s planned $1.67 billion sale to Swedish private equity firm EQT AB (publ), EQT Active Core Infrastructure and Public Sector Pension Investment Board.
No other media or telecom transaction last month crossed the $1.00 billion mark.
The second-biggest deal was private investor Sunny Vohra's purchase of a 6.95% stake in New York-based media, film and entertainment company APX Group for $70.0 million. Vohra is chair of London-based Twickenham Film Studios Ltd., in which APX Group acquired a 50% stake for an undisclosed sum.
Canada-based Calian Group Ltd.'s $46.0 million purchase of the assets of satellite and fiber-based communications provider Hawaii Pacific Teleport LP was the sector's third-biggest deal last month.
The Radius Global deal is the largest media or telecom transaction year-to-date.
