NEW YORK — Merger and acquisition activity in the transportation industry in the fourth quarter of 2012 was the highest quarterly volume in three years, according to PwC’s quarterly analysis of global deal activity.

There were 68 transportation and logistics transactions worth $50 million or more during the three-month period ending, totaling $26.5 billion. That’s a significant increase over 2011’s fourth quarter, when 36 deals totaled $14.8 billion. In total, 2012 saw 193 deals, totaling $80.5 billion — a 35 percent increase over 2011.

Strong fourth quarter merger and acquisition (M&A) activity in the transportation and logistics industry represented the highest quarterly volume in three years, driving full-year 2012 results significantly above those of 2011, according to Intersections, a quarterly analysis of global deal activity in the transportation and logistics industry by PwC US

Looking ahead, Jonathan Kletzel, U.S. transportation and logistics leader for PwC, said “Our overall outlook for global transportation and logistics M&A is positive due in part to economic performance in emerging and developing markets. Based on our analysis, we are forecasting 22 percent growth in announced volume and 15 percent growth in announced value in 2013, compared with 2012 as strategic and financial investors continue to consider M&A as part of their growth strategies.”

Globally, PwC said that Europe and Asia and Oceania were highly active during the fourth quarter of 2012 — the majority of which were local deals. However, PwC noted that cross-border deals became more prominent among acquirers in 2012, a trend they expect to continue.

U.S. deals in the fourth quarter were relatively weak, PwC noted, pointing towards fiscal cliff negotiations.

Notably, freight operators were more frequent targets in 2012, PwC said, making up 31 percent of transactions.

You can access the full report here.