How long can merger, acquisition spree last?

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, the warning signs are cited as potential hazards.

“The U.S. and European M&A markets are firing on all cylinders, and we’re experiencing a risk-on moment,” said Eamon Brabazon, co-head of M&A for Europe, the Middle East and Africa at Bank of America. “What comes up, tends to normalize over time,” he said, naming potential headwinds such as high valuations, antitrust and regulatory uncertainty and geopolitical risks.

But for now, the acquisition appetite is holding strong. On Wednesday, Rupert Murdoch’s 21st Century Fox boosted its bid for Sky, valuing the broadcaster at $32 billion and besting Comcast Corp.’s earlier offer.

Since the S&P 500 Index hit a record high in January, a widening trade war with China and geopolitical tensions around the U.S.’s relationship with both North Korea and Iran have rattled markets.

Regulators such as the Committee on Foreign Investment in the U.S. have cracked down on takeovers of homegrown companies by overseas suitors, scuttling the biggest deal of the year after saying Broadcom’s attempt to acquire Qualcomm could pose a national security risk. President Donald Trump blocked the deal in March.