In less than eight months, the global value of M&A deals has more than doubled from the same period of 2020 to $3.6 trillion worth, according to data provided by Refinitiv.

The dollar volume has also crushed the previous record of $2.9 trillion set in the same period in 2007 by 22%, the data shows. So far 2021 has seen more deals measured in dollars than the $3.59 trillion recorded for all of 2020.

 “Following four consecutive trillion dollar quarters, deal-making continues at pace in the third quarter with the U.S. driving activity, and with tech leading the sectors as companies continue to embrace digital transformation,” said Lucille Jones, deals intelligence analyst at Refinitiv

The flood of deals mark “an extraordinary rebound from the lows seen last spring in the early days of the pandemic,” said Jones.

SOURCE: Refinitiv

The number of deals announced is another record at more than 35,000, or 23% more than the 28,000 recorded in the same period in 2020.

The U.S. has led the trend, accounting for almost half, or 48%, of all deals announced so far this year. China takes second position, accounting for 9% of total deal volume, while the U.K. takes third position at 6%.

Technology accounts for 22% of all activity, chalking up $800 billion in deals so far in 2021, or more than triple the value recorded last year.

The two biggest deals involved U.S. companies; the biggest is Warner Media’s takeover of Discovery Inc., followed by the spinoff of VMware by Dell Technologies

See also: What the AT&T-Discovery deal means for streaming viewers, investors and employees

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