They can’t all be winners, even in 2021. A week after SPACs, IPOs and deal work surged, things appear to have calmed down a bit. 

The number of billion-dollar plus deals was a rather unremarkable five. Two of those deals—Emerson Electric’s merger with rival Aspen Technology ($11 billion) and Columbia Banking System’s merger with Umpqua Holdings Corp. ($8.2 billion)—were high dollar figures but the remaining deals reported this week were all south of $2 billion.