The research group said February M&A was worth only US$1.26 billion, 18.4% up on January but 61.7% down on the past 12-month average of $3.29 billion.

Canada led with 40 deals in February, followed by Australia with 15 and the US with 12.

North America had $400.66 million of deals in February.

At the country level, South Africa topped the deal-value chart with $300 million as AngloGold Ashanti sold its remaining mining assets in the country to Harmony Gold Mining.

GlobalData said deals worth $2.32 billion were on the table, globally, at the end of February - down 88.2% on the same time last year.