The financial crisis created a tough environment for businesses. But a KPMG survey shows global mergers and acquisitions executed between January 2007 and July 2009 created more value for companies than did transactions over the previous few years.

The survey shows that 31% of the deals transacted in the 2007-2009 period created value, up from 27% in the previous few years. That seems to indicate that the softer prices and tighter financing wrought by the credit crisis and global recession prompted companies to scrutinize potential deals thoroughly and pick their targets carefully.

"This survey did suggest that we are seeing deals being more successful at a statistically meaningful rate than in prior years," says Steve Miller, managing director and U.S. lead of KPMG's integration and separation services practice. Increased professionalization among deal makers is another reason, he adds.