The month of May produced the lowest number of completed middle-market deals in 2014 so far. The poor showing stood in stark contrast with April’s solid performance.

In deal volume, a mere 135 middle-market deals closed in May, compared with 210 in April, according to Thomson Reuters. In deal value, the damage was even worse for transactions of $1 billion or less that involve a U.S. company as buyer or seller. In May, mid-market transactions generated a disappointing $14.2 billion, less than half the $30.1 billion in April.

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