Merger and acquisition (M&A) activity in the transportation and logistics industry began 2014 on a soft note, with the total volume of deals matching the lowest level seen since the fourth quarter of 2011. Total first quarter deal activity and value were down from the spike in the fourth quarter of 2013, but average deal sizes were generally in line with the past several years, according to PwC US. There were 37 transportation and logistics transactions worth $50 million or more in the first quarter of 2014, totaling $16.1 billion, compared to 75 deals worth $27.2 billion in the fourth quarter of 2013. However, overall deal volume was generally flat with the 41 deals recorded in last year’s first quarter, which accounted for $16.2 billion in value.