Companies are gearing up for another banner year for deal-making.

Mergers and acquisitions hit a record in 2021, fuelled by low interest rates, a surge in private-equity fundraising and companies’ efforts to respond to broader shifts in their industries. The total value of global M&A transactions through 21 December was $5.7tn, up 64% from the same period a year before, according to Refinitiv, a data provider.