Amid the disappointing data about dealmaking in 2012, cross-border M&A provides a ray of hope. The amount of money invested in M&A transactions in emerging markets grew five percent to $162.4 billion, according to law firm Freshfields Bruckhaus Deringer. Less encouraging, however, deal volume in emerging markets was down 12 percent. Nonetheless, Freshfields expects the good news to continue in 2013.

In its study, Freshfields used the International Monetary Fund's designation of economies as emerging and developing. The 24 countries included are: China, Brazil, Russian Fed, India, Chile, Indonesia, Mexico, Turkey, South Africa, Malaysia, Poland, Argentina, Philippines, Venezuela, Thailand, Peru, Bulgaria, Romania, Estonia, Lithuania, Hungary, Ukraine, Pakistan and Latvia.

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