Companies across the globe clinched almost $700bn worth of mergers and acquisitions during the first two months of the year, as consolidation in the technology sector fuelled huge deal activity.

In February alone, deals totalling $405.3bn were announced globally, an increase of 45% compared to the same month last year, according to data from Refinitiv. That is the highest February on record since the financial data provider's records began in the 1970s.