波士顿：2020年并购报告(英文 44 页)

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CONTENTS

3 EXECUTIVE SUMMARY

10 COVID-19 DERAILS DEAL MAKING

2019 Was the Calm Before the Storm

The Pandemic Disrupted Deal Making in 2020

14 POST-COVID M&A—A DIP OR A TROUGH?

Checking the Pulse of M&A

Divestitures and Distressed Deals Will Increase Significantly

Private Equity and Venture Capital May Quickly Recover

Bold Strategic Acquirers Will Seize Opportunities

Longer-Term Trends May Accelerate

20 THE RISE OF ALTERNATIVE DEAL MAKING

Minority Deals Are Becoming More Common

Companies Show Renewed Interest in JV&A

Corporate Venture Capital Adds Fuel

Motivations and Goals Are Expanding

Value Creation Is a Coin Toss

Deal Execution and Experience Matter

30 HOW TO WIN IN ALTERNATIVE DEALS

Organizing for Success

Applying the Lessons of Experience

33 APPENDIX I: DATA AND METHODOLOGY

35 APPENDIX II: SELECTED BCG-SUPPORTED TRANSACTIONS,2020, 2019, AND 2018

37 FOR FURTHER READING

38 NOTE TO THE READER