Relationships matter, which is why the deals world revolves as much around chance conversations as it does scheduled meetings and planned strategic maneuvers. COVID-19 has changed those serendipitous encounters and the get-togethers that help dealmakers build trust. That said, the dealmaking machinery is far from idle. Despite a lack of physical meetings, deals are still going ahead. Ten-hour videoconferences aren’t unusual. Site visits are a challenge, but drone technology presents a reasonable solution. Cosmetics firm Coty, which was looking for buyers, said it was considering the use of drones for due diligence; in May 2020, it sold its Wella and Clairol brands to U.S. investment giant KKR in a deal worth US$4.3 billon.
The strategic rationale for seeking a deal hasn’t changed and everything companies have always needed to complete a transaction is still in place, but the priorities have changed. As businesses emerge from lockdowns due to COVID-19