Companies in the technology, media, and telecommunication (TMT) sector completed 3,021 mergers and acquisitions (M&A) deals worth $698 billion in 2016, according to a recent report from Mergermarket.

The total value of TMT M&A deals globally was down 4.5% in 2016 compared with 2015 levels.

Deal count was down 5.7%.

AT&T's $105 billion takeover of Time Warner was the largest transaction in the TMT sector, as well as across any sector globally, in 2016.

The United States was the most active region/country for TMT deals in 2016 (1,101 deals worth $363 billion), the analysis found. Europe was second most active region (992 deals worth $169 billion).