In late April last year, ten days after I lost my father-in-law – who had several pre-existing conditions but maybe would be around for Easter 2021 if Covid-19 didn’t exist – I wrote a debt-driven, lightly M&A-focused piece titled: “Three, four waves, and then comes the M&A spike“.

Building up

It was when the EBITDAC concept – earnings before interest, taxes, interest, depreciation, amortisation and coronavirus – first spread, with data provider Refinitiv at the time arguing that at some point we would “get ...

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