Covid-19 pandemic takes toll on global M&A as $1 billion deals disappear

For the first time since September 2004, no merger and acquisition deal worth more than $1 billion was announced worldwide last week, according to data provider Refinitiv, as the new coronavirus stifles global M&A.

The dearth of mega deals comes as countries across the world have shut down large swathes of their economies as they battle the COVID-19 pandemic that has infected over 2.33 million people and claimed 165,000 lives.

Worldwide merger activity so far this year is down 33% from a year ago and at $762.6 billion is the lowest year-to-date amount for dealmaking since 2013, the data showed.