There was a steady flow of mergers and acquisitions (M&A) in the defence and security markets in 2016. The volume of deals was almost unchanged from the previous year, which recorded the highest level since 2010. A total of 135 transactions were tracked in 2016 (compared with 134 in 2015). There was also evidence that the sector's largest players had returned to the market in greater numbers as buyers after a lull in activity in 2014 and 2015. Their focus was largely on smaller in-fill acquisitions, however, which contributed to a plunge in the aggregate value of transactions during the year.
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