After last year's comparatively subdued performance, Switzerland's M&A market got off to a stronger start in 2014. While there was a slight increase in the number of mergers and acquisitions, the value of those transactions rose considerably compared to the first quarter of 2013. With transactions totaling USD 26 billion, this quarter recorded the highest total transaction volume since the second quarter of 2012 when the Glencore/Xstrata megadeal was announced. In fact, the 76 transactions reported were generally of a higher level. Several of them were even valued at over USD 1 billion, something that both highlights the market's momentum and shows that the high volume was not merely the result of a few large individual deals.