“Overall M&A deal activity saw a significant decline in 2Q 2020 as deals continued to be put on hold. Strategic buyers continued to build their cash reserves through reduced M&A activity and spending as uncertainty surrounding the impact of COVID and the global economy persisted. Private Equity fundraising saw a slight increase in 2Q but is on pace for its lowest levels since 2015. Transactions are moving forward, but as lenders take on higher levels of risk and underwriting standards increase, borrowers may see an increased cost of capital for borderline deals as they are potentially pushed to the next tier of lenders.” – JJ Lane
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