Early-year highs gave way to a pandemic-driven downturn, which was then followed by a revival in H2

IPO activity ground to a halt following the outbreak of the pandemic, but activity in the second half of the year more than made up for the downturn

As the dust begins to settle, shareholder activists are making a comeback

Opportunities in uncertain times  

Despite encouraging signs that economies could reopen as COVID-19 vaccinations are rolled out, additional waves of infections and extended travel restrictions weigh heavily on the leisure and hospitality industry

Dealmaking is gradually making a comeback in the sector, both as a means to rebuild hard-hit companies and to meet growing consumer demand

General partner-led fund restructurings accounted for the majority of private equity secondaries volume in 2020 as managers sought liquidity in a flat exit market

We highlight the key European M&A trends in the second half of 2020, and provide our insights into the outlook for M&A moving forward.

Financial institutions M&A sector trends: specialty finance/marketplace lending — H2 2020 and outlook for 2021

Financial institutions M&A sector trends: consumer finance — H2 2020 and outlook for 2021

Financial institutions M&A sector trends: stock exchanges/clearing houses/trading venues — H2 2020 and outlook for 2021

Financial institutions M&A sector trends: payments — H2 2020 and outlook for 2021

Financial institutions M&A sector trends: asset/wealth management — H2 2020 and outlook for 2021

The European leveraged finance market remains resilient after a year of unprecedented hardship, as lenders dissect credits to determine the best possible deals, from pricing to documentary terms

Hospitality and dining have been buffeted by the pandemic, weighing on deal activity. But Q4 has brought welcome refinancing support and investor confidence.

Lockdowns and market volatility have put companies across the board under financial pressure and forced many leveraged finance borrowers into restructurings

Leveraged buyout high yield bond and leveraged loan issuance fell in Q3 2020 as a lack of buyout deals in a still cautious M&A market dampened appetite for financing

The energy transition and a growing need for efficient digital infrastructure are two trends fueling infrastructure dealmaking in 2020

Mining companies entered 2020 in good financial shape and have continued to secure finance despite disruption from COVID-19

The use of net asset value finance by private equity firms has spiked under COVID-19 as managers explore new sources of liquidity in a weak M&A market

Refinancing activity has proven an attractive option amid COVID-19 disruption, with borrowers in good standing seeking to extend maturities and take advantage of low interest rates

Deal activity within the renewables sector has been a bright spot for energy M&A in 2020

Global retail M&A value increased year on year, as appetite for supermarket and convenience store assets resulted in big-ticket deals

In a regime undergoing rapid change, investment screening is currently "light," with red tape increasing for European inbound investment

While COVID shut the window on deals in H1 2020, Q3 saw a revival that augurs well for the rest of the year and beyond