More than $500bn worth of deals were announced in October, with US companies particularly active despite the upcoming US presidential election.
The biggest deal of the month, announced on 22 October, saw AT&T agree a $108bn takeover of Time Warner.
In second place was UK-listed BAT’s $47bn offer to fully acquire Reynolds American.
Qualcomm, meanwhile, agreed to buy Dutch rival NXP for the same amount last week.
In total, Dealogic tracked 2,199 deals in October with a total value of $503bn. This makes it the seventh biggest month, in terms of deal value rather than quantity, on record.
April 2007 was the biggest month, with $559bn worth of deals, while October 2015 came in second with $557bn.