Sovereign Wealth Funds Drive Biggest Deals in $3.5 Trillion M&A Year

Deep-pocketed sovereign wealth funds are helping drive a resurgence in dealmaking that’s taken global M&A volumes past $3.5 trillion this year.

State-backed funds from the Middle East and Asia provided firepower for some of the year’s biggest transactions. Blackstone Inc. and TPG Inc. agreed Tuesday to acquire medical-device maker Hologic Inc. for as much as $18.3 billion including debt, with the Abu Dhabi Investment Authority and Singapore sovereign fund GIC Pte taking minority stakes.