Several weeks into COVID-19's appearance and its rapid spread in the US, the virus's impact on the beverage alcohol industry and related merger and acquisition activity is starting to come into focus. Some commentators have covered in detail the epidemic's impact on particular beer, wine and spirits brands and sales channels, notably the dramatic shift towards off-premise sales at the expense of everything else. Unaddressed is what this means for the current M&A environment and aspiring buyers and sellers during what looks to be a year of continued market volatility.