Overall deal activity in May declined by 3% to 5.023 billion from the the previous month of about $5.192 billion, Press Trust of India reported, citing a report by consultant Grant Thornton Bharat.

The merger and acquisition segment saw a steep 58% monthly decline in deals struck during May to $1.05 billion while private equity transaction jumped 49% to $3.973 billion, helping the overall number.

In terms of volume, overall deals declined  22% to 137.

The largest M&A deal during the month was Google’s $350 million investment for a minority stake in Flipkart Online Services, the report said.

Brookfield India Real Estate Trust’s $723 million investment for a 50% stake in four assets of Bharti Enterprises was the biggest deal in the private equity segment, the report added.

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