Grant Thornton International Ltd (GTI) just published its annual International Business Report (IBR) and the U.S. M&A activity update: Q1 2011.

• The IBR, based on the results of a survey of 6,000 privately held businesses (PHBs) across 39 economies, indicates 34% of respondents are planning to make an acquisition this year, up from 26% last year. Access to new geographic markets and building scale are the two most important drivers. Approximately 32% of those PHBs are planning to grow through a cross-border transaction, up from 28% last year.

• Deal volume in the U.S. during the 1st quarter 2011 was lighter than in the 4th quarter 2010, but “deal conditions remain generally favorable with increasingly active lenders, a renewed interest in M&A as a mechanism to accelerate growth, and abundant private equity capital and corporate cash.” GT analysts expect “the robust pace of deal activity will likely continue through the rest of the year.”

Access both reports in the current (Spring 2011) Deal Maker.