A global pandemic, the war in Ukraine, soaring energy prices and inflation, as well as interest rate hikes significantly pushing up the cost of debt – it is no wonder M&A markets are struggling right now. Against this backdrop of instability, arguably the bigger questions are how activity levels managed to hold up for as long as they have, and how they have not crashed further.
But, while City M&A partners are keen to stress that things could be far worse, and point to pipelines of deals in place for when markets pick up (see feature), the differences between now and this time last year are stark.
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