While many have shied away from deals, in the first quarter this year Portuguese firm Magnum Capital Industrial Partners landed the largest deal in the quarter for the second consecutive three-month period.

Its buyout of Portuguese pharmaceutical company Generis Farmacêutica for $234m ($167m) was the quarter's largest deal. This followed its acquisition of Portuguese solar-energy company Enersis for $1.4bn from Babcock & Brown, which was the only deal globally larger than $1bn in the fourth quarter.