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The number of mergers and acquisitions in the global transportation and logistics industry declined significantly in the first quarter compared with fourth-quarter 2008’s total.

There were 18 announced deals at a disclosed value of at least $50 million each during the first quarter, down from 43 deals in fourth-quarter 2008, according to a report released Thursday by PricewaterhouseCoopers LLP. Tight credit markets were at least partly to blame.

“The continued slowdown of M&A activity for the transportation and logistics sector during the first quarter of 2009 presented interesting changes in behavior among deal participants,” Kenneth Evans Jr., U.S. transportation and logistics sector leader for the consulting firm, said in a prepared statement. “Most notable is the shift toward minority stake purchases, which can be attributed to tight credit and strategic buyers’ aversion to risk. We expect these factors will lead to minority stake purchases continuing to make up a larger percentage of deals announced during the rest of the year.”

Minority stake purchases accounted for 39 percent of the first-quarter deals. Those purchases accounted for 30 percent of all deals announced in 2008.

Average deal values were $159 million in the first quarter, reflecting the absence of large deals. Average deal values were $513 million last year.