M&A transactions in 2022 look set to chase the record levels achieved in 2021 despite increased headwinds. Driving this trend are vast amounts of private equity dry powder and hundreds of SPACs without a merger that will need to close in the next year. However, with all this competition comes higher multiples and the need to seek out more complex and potentially riskier deals. What other trends should we expect for the global M&A market this year? How will the deal-making environment be impacted by the proliferation of economic sanctions?