It has been the biggest boom in mergers and acquisitions history. More than $5.6 trillion worth of deals have already been clinched over the past 12 months, tearing through the previous record of $4.55 trillion set in 2007 just before the onset of the 2008-09 financial crisis, according to research from data provider Dealogic.

The hot streak looks set to continue in 2022 as cash-rich companies race to buy growth and boost their own valuations. Private-equity firms are gearing up to spend the record $2.3 trillion of dry powder in their coffers.