Private equity firms announced more buyouts of European companies in the fourth quarter than in the whole of the rest of the year, in the latest sign that deal-making has returned after a year-long drought.

Buyout firms announced European deals worth $12.6bn (€8.8bn) in the quarter to December 23, compared with $12.4bn for the first three quarters, according to data provider Dealogic. The fourth quarter was the busiest period since the third quarter of 2008, when deals worth $19.7bn were announced, Dealogic said.