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Dealmakers drown in deals in second-quarter M&A frenzy
By Pamela Barbaglia and Anirban Sen
Reuters
LONDON (Reuters) - Global mergers and acquisitions (M&A) activity broke records for a second consecutive quarter this year as companies continued to borrow cheaply and spend their cash reserves on transformative deals to reposition themselves for the post-COVID world.
Deals worth $1.5 trillion were announced in the three months to June 30, more than any second quarter on record and up 13% from the record first quarter of the year despite activity among blank-check firms slowed down, Refinitiv data shows. This is an environment we haven t seen before because we have very supportive financing markets combined with the pressure to come out of COVID-19 and reorganize entire businesses, said Alison Harding-Jones, head of M&A for Europe, the Middle East and Africa at Citigroup.