Mergers and acquisitions volume in the Asia-Pacific region outstripped North America for the first time during the last quarter, as the extreme market volatility and shortage of debt took its toll on what has traditionally been the largest market for M&A.

The value of deals in North America dropped 67% to $100bn (€75.8bn) in the fourth quarter of last year, down from $302.2bn in the previous three-month period. Meanwhile, the value of transactions involving an Asia-Pacific target was $100.5bn during the same period, marking the first time the region has surpassed the US in terms of value during a quarter, according to figures from mergermarket.