International law firm Herbert Smith Freehills’s (HSF’s) 2022 M&A report, its fifth yearly edition, confirms record global levels of mergers and acquisition (M&A) activity in 2021, and identifies continued drivers for strong activity this year. According to the HSF Global M&A head Gavin Davies, coming out of the pandemic, corporates are determined to emerge successful and sponsors recall the successes of those who invested in the aftermath of the global financial crisis.