The article examines the state of mergers and acquisitions (M&A) operations in Southeast Asia during the COVID-19 pandemic. Based on the analysis of factual and statistical data, the author made the following conclusions: 1) in 2020, the volume of M&A operations in the region has sharply decreased both in quantitative and value terms; 2) Singapore, Malaysia, Indonesia remained the most active participants in M&A transactions; 3) the sectoral preferences of investors have changed significantly: the positive dynamics of M&A operations was observed only in two sectors – in agriculture and the production of consumer goods, mainly food; the traditionally dominant real estate and financial services business has been hit hardest. The author believes that the revival of M&A operations may begin in the next two or three years, mainly in Singapore, Malaysia and Vietnam.