Europe’s financial services industry saw a drop of 10.98% in deal activity during January 2021, when compared with the last 12-month average, led by TPG Sixth Street Partners’ $500m acquisition of Convex Group, according to GlobalData’s deals database.
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A total of 73 financial services industry deals worth $2.67bn were announced for the region in January 2021, against the 12-month average of 82 deals.
Of all the deal types, M&A saw most activity in January 2021 with 40 transactions, representing a 54.8% share for the region.
In second place was venture financing with 22 deals, followed by private equity deals with 11 transactions, respectively capturing a 30.1% and 15.1% share of the overall deal activity for the month.
In terms of value of deals, venture financing was the leading category in Europe’s financial services industry with $1.29bn, while private equity and M&A deals totalled $1.26bn and $120m, respectively.
Europe financial services industry deals in January 2021: Top deals
The top five financial services deals accounted for 68.7% of the overall value during January 2021.
The combined value of the top five financial services deals stood at $1.83bn, against the overall value of $2.67bn recorded for the month.
The top five financial services industry deals of January 2021 tracked by GlobalData were:
1) TPG Sixth Street Partners’ $500m private equity deal with Convex Group
2) The $450m venture financing deal with Checkout by Blossom Capital, Coatue Management, DST Global, Endeavor Catalyst, GIC, Greenoaks Capital Management, Insight Partners and Tiger Global Management
3) Cortina Bidco’s $307.13m private equity deal with AFH Financial Group
4) The $300m venture financing of CashDash by Avid Ventures, Coatue Management, Durable Capital Partners, Entree Capital, FJ Labs, General Catalyst Partners, Latitude Partners, Oak HC/FT Partners, Spark Capital, Tal Capital Group, Target Global and Tiger Global Management
5) Pollen Street Capital and Qatar InsuranceQSPC’s private equity deal with Markerstudy Insurance Services for $273.66m.