The number of terminated M&A deals that involved private equity firms dropped sharply year over year in the first quarter.

There were 23 canceled transactions, including whole company, minority stake and asset acquisitions, across the globe during the three months ended March 31, of which four involved private equity or venture capital, according to data from S&P Global Market Intelligence. That compares to 190 total terminated transactions in the first quarter of 2022, with private equity-backed deals accounting for 20.

The volume of deals that were not completed, with or without private equity participation, touched its lowest level over the previous five quarters.

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The value of private equity-backed terminated deals in the first quarter was $10.16 billion, or about 22% of the $47.19 billion worth of all canceled transactions during the period. In the prior-year period, canceled deals with private equity participation were worth $17.39 billion, comprising 18% of the value of all terminated deals.

Data compiled through April 3 shows private equity firms were proposed sellers in two canceled transactions and were planned buyers in another two terminated deals in the first quarter.

On Feb. 22, Euronext NV confirmed it submitted a bid to acquire Allfunds Group PLC from an investor group including Hellman & Friedman LLC and BNP Paribas SA in a deal valued at $5.92 billion. Euronext withdrew its offer six days later.

In March, Clearlake Capital Group LP proposed to acquire cloud software solutions company Blackbaud Inc. in a $4.17 billion deal. Blackbaud's board of directors rejected the $71-per-share offer from the company's largest stockholder.