The end of 2010 witnessed merger and acquisition (M&A) activity reminiscent of the height of the market in 2007. Despite concerns that deal activity might flatten out in 2011, the M&A freight train rolled through the New Year and headed into the second quarter at full speed. After three years on the sidelines, corporate America is starting to chip away at the $1.5 trillion (USD) in cash that accumulated as companies spent the majority of their efforts on cost-cutting and "right-sizing" their businesses. Similarly, private equity investors are sitting on a record $500 billion in capital that must be invested to justify additional fundraising activity. What corporations and investors both know is this: To grow, you must invest.
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