Global M&A activity from January to July hit a four-year high.

According to Dealogic, the total value of global M&A deals during this period was $2.6T, marking the highest total in four years. This was 28% higher than the same period last year, even though the number of deals decreased by 16%. The rise was driven by several megadeals over $10B, including rail operator Union Pacific Corp.’s $85B acquisition of rival Norfolk Southern.

In the EMEA region (Europe, the Middle East, and Africa), the largest deal was the $25B purchase of Israeli CyberArk Software by US cybersecurity solutions firm Palo Alto Networks. The largest transaction included private equity firm Sycamore Partners’ acquisition of US pharmacy chain Walgreens Boots Alliance for around $10B.

Additionally, South Korea’s Samsung Electronics Co. acquired German company FlaktGroup Holding GmbH, which manufactures heating, ventilation, and air conditioning (HVAC) systems, including those used to cool data centers, for $1.7B.