The Cayman Islands saw more mergers and acquisition transactions than any other offshore jurisdiction in the first half of 2018, as the total value of Cayman deals increased by nearly 50 percent over the second half of 2017.

However, Cayman mirrored other offshore centers with a slight drop in the volume and an increase in transaction value, according to a report by offshore law firm Appleby.

“It is good to see Cayman remain the busiest offshore jurisdiction for dealmaking to start off the year,” said Simon Raftopoulos, partner and group head of Appleby’s private equity practice in the Cayman Islands. “Despite a dip in the number of local deals when compared to the second half of 2017, Cayman experienced a significant rise in deal value and was home to four of the 10 largest deals of 2018 thus far.”

Cayman-incorporated companies were the target of 421 transactions worth a combined US$60.9 billion in the first half of 2018. This represented 31 percent of all offshore deals and 28 percent of total offshore deal value during that time.

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