Total financial services industry M&A deals worth $36.2bn were announced in Asia-Pacific in August 2021, led by Square’s $29bn acquisition of Afterpay, according to GlobalData’s deals database.

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The value marked an increase of 7307.03% over the previous month of $488.32m and a rise of 1690.6% when compared with the last 12-month average of $2.02bn.

Asia-Pacific held a 73.07% share of the global financial services industry M&A deal value that totalled $49.5bn in August 2021. With a 60.53% share and deals worth $29.96bn, Australia was the top country in Asia-Pacific’s M&A deal value across financial services industry.

In terms of M&A deal activity, Asia-Pacific recorded 28 deals during August 2021, marking an increase of 16.67% over the previous month and a drop of 12.50% over the 12-month average. Singapore recorded seven deals during the month.

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Asia-Pacific financial services industry M&A deals in August 2021: Top deals

The top five financial services industry M&A deals accounted for 98.2% of the overall value during August 2021.

The combined value of the top five financial services deals stood at $35.53bn, against the overall value of $36.2bn recorded for the month.

The top five financial services industry M&A deals of August 2021 tracked by GlobalData were:

1) Square $29bn acquisition deal with Afterpay

2) The $4.7bn acquisition of IndiaIdeas.com by PayU

3) TAL Dai-ichi Life Australia $665.66m acquisition deal with Westpac Life Insurance Services

4) The $592.15m acquisition of GCA by Houlihan Lokey

5) HSBC Insurance (Asia-Pacific) Holdings $575m acquisition deal with Axa Insurance