North America’s financial services industry saw a drop of 10.71% in deal activity during February 2021, when compared with the last 12-month average, led by M&T Bank’s $7.6bn acquisition of People’s United Financial, according to GlobalData’s deals database.
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A total of 125 financial services industry deals worth $18.69bn were announced for the region in February 2021, against the 12-month average of 140 deals.
Of all the deal types, M&A saw most activity in February 2021 with 74 transactions, representing a 59.2% share for the region.
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By GlobalDataIn second place was venture financing with 42 deals, followed by private equity deals with nine transactions, respectively capturing a 33.6% and 7.2% share of the overall deal activity for the month.
In terms of value of deals, M&A was the leading category in North America’s financial services industry with $13.19bn, while venture financing and private equity deals totalled $2.97bn and $2.52bn, respectively.
North America financial services industry deals in February 2021: Top deals
The top five financial services deals accounted for 91.7% of the overall value during February 2021.
The combined value of the top five financial services deals stood at $17.14bn, against the overall value of $18.69bn recorded for the month.
The top five financial services industry deals of February 2021 tracked by GlobalData were:
1) M&T Bank’s $7.6bn acquisition of People’s United Financial
2) The $4.7bn merger deal with Apex Clearing and Northern Star InvestmentII
3) Andreessen Horowitz, ICONIQ Capital, Index Ventures, New Enterprise Associates, Ribbit Capital and Sequoia Capital Operations’ $2.4bn venture financing of Robinhood Financial
4) The $2.1bn private equity deal with Wells Fargo Asset Management by GTCR and Reverence Capital Partners
5) The Progressive’s acquisition of Protective Insurance for $338m.
