State funds increased their merger and acquisition activity to US$24.6 billion in the third quarter, propelled by deals involving Singapore's GIC and Temasek Holdings as well as China Investment Corp.STATE funds increased their merger and acquisition activity to US$24.6 billion in the third quarter, propelled by deals involving Singapore's GIC and Temasek Holdings as well as China Investment Corp.
Such funds were involved in 49 announced deals, up from 46 with a total value of US$15.5 billion in the previous quarter, Refinitiv data showed. The bumper second quarter total was the highest since the US$35.8 billion hit in Q2 2018. The fourth quarter is also gearing up to be a bumper period for deals, with Abu Dhabi Investment Authority this month involved in a 10.2 billion Swiss franc deal to buy Nestle's Nestle Skin Health.The largest deal during the third quarter involved GIC and Canada's Brookfield Asset Management agreeing to buy US freight railroad owner Genesee & Wyoming Inc in a deal valued at about US$8.7 billion including debt, according to Refinitiv data.
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