"Everything ground to a halt, full stop," recalls an M&A adviser as the pandemic struck.

When global lockdowns came into effect last year, it was not uncommon to hear figures in the industry sound a baleful note about their future. There would be simply be no way that deal would ever go through without a firm handshake. New prospects just wouldn't open up without the ability to look into the whites of one's eyes and build a relationship of trust. Due diligence, when done remotely, would simply be a leap too far. When trying to navigate the unbridled chaos of Covid, there would be no way that executives would have the time to entertain merger discussions.