Total financial services industry M&A deals worth $5.5bn were announced in North America in Q3 2022, led by The Toronto-Dominion Bank’s $1.3bn acquisition of Cowen, according to GlobalData’s deals database.

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The value marked a decrease of 28.4% over the previous quarter and a drop of 76.5% when compared with the last four-quarter average of $23.22bn.

North America held a 28.77% share of the global financial services industry M&A deal value that totalled $18.98bn in Q3 2022. With a 27.45% share and deals worth $5.21bn, the US was the top country in North America’s M&A deal value across financial services industry.

In terms of deal activity, North America recorded 289 deals during Q3 2022, marking an increase of 1.76% over the previous quarter and a drop of 16.41% over the last four-quarter average. The US recorded 268 deals during the quarter.

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By GlobalData

North America financial services industry M&A deals in Q3 2022: Top deals

The top five financial services industry M&A deals accounted for 78.1% of the overall value during Q3 2022.

The combined value of the top five M&A deals stood at $4.26bn, against the overall value of $5.5bn recorded for the quarter.

The top five financial services industry deals of Q3 2022 tracked by GlobalData were:

1) The Toronto-Dominion Bank’s $1.3bn acquisition deal with Cowen

2) The $1.3bn merger of Lakeland Bancorp and Provident Financial Services

3) Focus Financial Partners’s $1.2bn acquisition deal with FourThought Financial

4) The $250.41m acquisition of ivari by Sagicor Financial

5) Sun Life Financial’s $214m acquisition deal for 51% stake in Advisors Asset Management