Srividya CG, Partner & Practice Leader, Valuations at Grant Thornton says that there is momentum in M&A and PE activity despite global woes although there were 961 deals worth $51 billion in 2011 as against 971 deals worth $62 billion in 2010. She added that Oil, telecom and IT formed 70 per cent of M&A deals. Bain-Hero deal in the auto sector worth $848 million was the top deal in 2011.