Accelerate your pace, expand your scope The Now TheNext The Never Normal Take immediate stock of the Look beyond the immediate horizon Take a broader view of M&A across position the crisis places your to consider how industry structure is the entire ecosystem—and beyond company in and what M&A levers to likely to evolve and implications for industry boundaries—to build for include in your response. M&A, ventures and alliances. resilient growth and reduce risk/exposure to future crises. Make rapid calls on in-flight deals, Determine if industry consolidation is divestitures and new alliances likely, and assess possible Realign partners/alliances to increase required for stability, and revisit as transactions and the ability to resilience, including re-evaluating what needed throughout the crisis. influence them. to own internally versus have in the ecosystem. Evaluate opportunistic plays such Reassess the medium-term M&A as acquisitions of distressed landscape and act on opportunities Continuously revisit priorities and businesses with capabilities you can early to come out of the downturn potential disruptors, and build grow. with the right strategic deals done. analytics/AI capabilities that enhance this capability over time. The duration and focus for each stage will vary greatly by industry and company—depending on how severely each is impacted by COVID-19 and the subsequent economic downturn. 7 COVID-19: Rebalance for resilience with M&A