Frank Aquila Talks to Reuters About Dealmaking in the Pandemic

November 24, 2020

Frank Aquila, global head of Sullivan & Cromwell's M&A practice, spoke to Reuters for a Q&A about the effects of the COVID-19 pandemic on M&A, how it's different from the global financial crisis, and whether virtual dealmaking is here to stay.
Frank told Reuters that the initial slowdown in M&A as the pandemic took hold was due to companies getting their bearings in the new environment. “Companies wanted to get a handle on what was happening with the economy, how long this was going to linger and what was the real impact going to be.”
Since then, Frank said, M&A has been bouncing back. “It became pretty clear that the Federal Reserve and other central banks were committed to not making the same mistakes of the financial crisis and to ensure that companies had adequate liquidity. And as a consequence that has led to obviously plenty of debt being available at low interest rates. And so that has led to a pick up in M&A activity in the second half of the year.”
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