Through my experience, I have observed that M&A cross border appetite has been stifled due to Covid-19 restricting travel, making it difficult to carry out site visits and physical due diligence. While virtual meetings can definitely be held, this has created lengthy DD processes and even caused some deals to be put on hold
I strongly believe COVID had a huge impact on the M&A transactions. There is a strong information asymmetry, not all parties have the same amount of information. To add, some could argue that there was a significant discount in stock prices and huge opportunity to acquire companies with a good deal.
It made both seller and buyer have to build more trust relationship through out the entire transaction process, much more rely on various digital communication tools in different countries such as Wechat, Line, Viber etc., need more creative thinking/ way of working such as outsource integration activities to professional local advisers.