Abstract
By various measures, M&A activity in 2019 was not as high as in previous years, but the pattern of deals is revealing and, in some aspects, new. Many reflect industrial consolidation and digitization trends dating back decades. But there were also signs that the 2020s will usher in new trends in how we manage the power of technology. And we learned again that climate change is no joke, though we don’t know yet how businesses will respond. In time, business deals will reflect the transformation of our energy mix too.