In Q1 2021, it almost seemed as if the M&A market had forgotten about the effect of the pandemic on financing markets and transaction risks. M&A continued at a blistering pace with 67 transactions in the quarter, compared to 62 in Q4 2020 (Q4 typically having the lion’s share of deals as shareholders seek to close before a calendar year-end). Earnings have started to normalize again at both the public and private levels.