The value of mergers and acquisitions in South Korea hit a record high last year from big deals struck as part of broader industry restructuring and ample liquidity available in the market, data showed Monday.

The local M&A market nearly doubled to $79.7 billion in 2014 from the previous year. It increased more than four times from the $20.4 billion in 2011, according to Bloomberg's Global M&A Market Review.

Although the total number of M&As actually fell to 468 in 2014 from 482 a year ago, large cap deals raised the amount of money involved in the transactions. 

The brisk local market was in tandem with a broader trend. The global M&A market jumped 71 percent on-year in 2014 to $3.83 trillion won, the largest amount since 2007 of $4.17 trillion, the Bloomberg review said. 

The drivers behind South Korea's M&A boom were the abundance of cash available and weak earnings that forced corporate giants to streamline lagging sectors in a bid to focus on core businesses.

Samsung Group, the nation's biggest conglomerate, in November struck a deal to sell four of its chemical and defensive affiliates to Hanwha Group for 2 trillion won ($1.82 billion) as part of its business reorganization.

In October, Daum Inc., the nation's second-largest search engine, took over No. 1 messenger service Kakao Talk Corp., to create an industry giant valued at close to 10 trillion won.

Market watchers expect dealmakers to keep the M&A trend going, taking advantage of cheaper financing costs under low interest rates and big deals currently standing in line.

"The M&A market will grow this year as well because privatization of state-owned companies, restructuring of conglomerates and brokerage houses are expected in the near term," Park Yong-rin, a senior researcher at the Korea Capital Market Institute, said.

Last week, Hyundai Securities Co., South Korea's fourth-largest brokerage firm by market cap, picked Japan's Orix Corp as a preferred bidder to buy a 25.9 percent stake in the company.

Woori Bank, the state-owned lender that failed in its fourth bid to sell a 30 percent stake in November, was also expected to offer the bid again to complete the privatization process.

For Korea's biggest car rental firm KT Rental Co., six investors have submitted their final bids in what could be the largest M&A deal in the first half, expected to fetch up to 800 billion won. (Yonhap)