Multibillion dollar deals that will reshape the healthcare and media industries have set 2018 on course to be the biggest year on record for global mergers and acquisitions (M&A). Now, after an unprecedented five years of bumper activity, dealmakers are starting to sound a note of caution.

Companies announced $2.1 trillion of transactions in the first half of 2018, putting this year on track to beat 2007’s $4.1 trillion total, according to data compiled by Bloomberg. Twenty-four acquisitions valued at more than $10 billion bolstered the numbers, the data show, including Takeda Pharmaceutical Co.’s $62 billion purchase of Shire Plc and T-Mobile US Inc’s $26.5 billion takeover of Sprint Corp.

As the M&A juggernaut rolls on, some advisers are starting to ask how much longer the delirium can continue. Unlike the 2000 dot-com bubble or 2007’s subprime-mortgage crisis, though, this time there’s no one clear threat looming. Instead, a myriad of warning signs are cited as potential hazards.

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