The number of deals announced in the global travel and tourism sector declined by 38.5% during the week ended May 24, 2020 compared to the previous week, according to GlobalData’s deals database.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “The travel and tourism sector is among the worst hit due to travel restrictions and lockdowns amid the COVID-19 pandemic and it reflects in the deal activity.”

The announcement of venture financing and debt offering deals decreased during the week, while mergers and acquisitions (M&A) and private equity deal volumes remained at the same level.

Deal activity has also remained inconsistent across geographies since the COVID-19 outbreak. While deal activity decreased in the US during the week ended May 24, 2020 compared to the previous week, the UK witnessed improvement and deal volume remained at the same level in South Korea.