Merger and acquisition volume in the telecom space worldwide stood at $49.2 billion so far this year driven by the US-based Frontier Communications' $8.6 billion acquisition of Verizon Communications.    

As per global deal tracking firm Dealogic, global telecom volumes in 2009 stood at $49.2 billion through 410 deals. This, however, represent a 29 per cent decline from its year ago period. In the corresponding period in 2008, there were 549 telecom deals worth $69.8 billion.    

The Frontier Communications' $8.6 billion acquisition of Verizon Communications is the second largest Telecom deal so far this year. The largest Telecom deal this year is DIRECTV Groups $14.7 billion acquisition of Liberty Entertainment, announced at the start of the month.     

An analysis of telecom deals across the world shows that the US is the most targeted nation for telecom M&A with $28.9 billion so far this year, up 17 per cent from $24.5 billion in the corresponding period in 2008.     

The the second most attractive market in terms of telecom M&A activity is Australia with deals worth $8.2 billion, up from just $47 million in 2008 year-to-date.