We’re at the close of one of the most active years in merger and acquisition activity in recent memory, as several factors converged to make it a record-setting year for deals.

Low interest rates, a rising stock market, and the availability of capital all contributed to the hot market of 2021, says David Ruf, head of the chemicals and materials investment banking practice at KeyBanc Capital Markets. The biggest factor was COVID-disrupted 2020, he says. The deep uncertainty caused by the global pandemic led to business being put on hold.