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March 16 2021 Despite the COVID-19 pandemic, M&A transactions continued to take place in Austria, albeit at a somewhat slower pace, especially at the beginning of the year. According to the M&A Index 2020 published by EY Austria (Ernst & Young Global Limited), the number of transactions with Austrian participation fell from 328 to 275 in 2020 compared to 2019 (minus 16.2%). Transaction volumes, on the other hand, increased slightly by 4.1% from €12.1 billion (approximately $14.5 billion) to €12.6 billion. The effect of the COVID-19 pandemic on companies are as diverse as the economic sectors in which they operate. The tourism industry, one of the main pillars of the Austrian economy, was hit especially hard by the COVID-19 pandemic. Although the Austrian government reacted quickly in providing substantial state aid packages, the Austrian GDP is estimated to shrink by about 7.1% in 2020 (compared to 1.4% in 2019); only a gradual recovery of about ....