While announcements for defense targets remain weak, there has still been M&A activity in the aerospace and defense sector. As of the end of the third quarter, there were 184 deals in the sector globally valued at $9.3 billion, with 53 of them worth $3.1 billion taking place within the third quarter. For full year 2012, there were 296 deals valued at $21.9 billion, according to PricewaterhouseCoopers LLP's November industry report.