Mergermarket research indicated this was more than three times the total value of all M&A deals completed in the same period last year.
Inbound M&A activity rose 61.7 per cent in value from the first quarter last year, from $6 billion to $9.7 billion.
Outbound deals were also up, according to the data, with an increase of 88.9 per cent in value from the previous corresponding 2013 period, jumping from a total of $0.9 billion in deals to $1.7 billion.
According to Mergermarket, the energy, mining and utilities sector generated the greatest M&A activity, with a total of 24 deals over the quarter representing $9.1 billion.
The research showed the deal with the greatest value in March was the acquisition of Leighton Holdings by Germany-based construction company Hochtief for $1.2 billion.
Private equity buyout activity was down 13.3 per cent from the first quarter of 2013, dropping from the value of $4.9 billion to $1.5 billion this quarter.
The year 2013 was the most active year for buyouts in Australia since 2007.
