The uncertainty caused by Covid-19 has dented management’s appetite to make big strategic moves such as conducting large transformative deals.

Although much of the world is still under some form of lockdown due to Covid-19, M&A transactions have not come to a complete standstill. The first quarter of 2020 saw 3,685 transactions announced worth over $560bn. But deal activity has slowed considerably. According to, global M&A activity is down over 39% by value compared to the first quarter of 2019. Moreover, just eight transformative “megadeals” (transactions with an enterprise value above $10bn) were announced globally in Q1 2020, down from 11 in Q1 2019 and 14 in Q1 2018.

根据Dealogic的说法,2020年全球并购市场自2005年以来经历了一年中最慢的两个月,而全球交易的价值则降至3月的六年低点。在今年的头两个月中,仅宣布了价值1122亿美元的交易,尽管这些交易包括诸如将Thyssenkrupp Elevator出售给投资者财团的著名交易,价格为187亿美元,这笔34亿美元的Aon -Willis Towers Towers Watson Merger交易,WATSON MERGER交易,以及全世界以106亿美元的价格收购Ingenico Group。最近,自由全球获得的telefónica在5月的一笔31亿英镑的交易中。



对于收购方,增加资产的可用性s and distressed companies has created a “buyer’s market”, especially for buyers who have cash and/or still have access to debt funding. Some buyers are likely to avoid cross-border deals due to country and regional protectionism to prevent takeovers of local distressed companies. Recently the EU, Australia and India among others have moved to implement regulatory obstacles to takeovers of local distressed companies by foreign buyers.







More and accelerated industry consolidation will occur, for company and industry survival (e.g. retail, restaurants, and entertainment). Because of the slowdown in deal volume, M&A service providers such as banks, lawyers and consultants are repurposing their transaction staff to, at least temporarily, work in their restructuring units to help clients refinance and restructure debt, renegotiate supplier contracts, and achieve operating efficiencies.



Flexibility – Conducting deals via video only, service providers repurposing staff to other service lines until transaction volumes pick up.

Creativity – Site visits via drones, buyers and sellers trying to assess 'cultural fit' with no in-person meetings.

在风险上增加风险 - 基于交易的不良记录通常无法获得预计的收益,并购是固有的风险活动(尤其是对于买家而言)。因此,在决定前进(某些买家是)的情况下,正在增加风险,而无需亲自与合作伙伴公司会面。

Lawyers will be busy – With several buyers trying to walk away from deals struck before Covid-19, there will be an increase of litigation to test the material adverse change clauses of those deals.


But any experienced dealmaker will tell you that these traits are not new, they have always been essential for success in the deal world.