North America’s financial services industry saw a rise of 94.12% in cross border deal activity during March 2021, when compared with the last 12-month average, led by Constellation Insurance Holdings’ $1bn acquisition of Ohio National Financial Services and Ohio National Mutual Holdings, according to GlobalData’s deals database.
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A total of 33 financial services industry cross border deals worth $2.52bn were announced for the region in March 2021, against the 12-month average of 17 deals.
Of all the deal types, venture financing saw most activity in March 2021 with 17 transactions, representing a 51.5% share for the region.
In second place was M&A with 16 deals, followed by deals with transactions, respectively capturing a 48.5% and % share of the overall cross border deal activity for the month.
In terms of value of cross border deals, M&A was the leading category in North America’s financial services industry with $2.07bn, while venture financing and deals totalled $458.5m and , respectively.
North America financial services industry cross border deals in March 2021: Top deals
The top five financial services cross border deals accounted for 93.3% of the overall value during March 2021.
The combined value of the top five financial services cross border deals stood at $2.35bn, against the overall value of $2.52bn recorded for the month.
The top five financial services industry cross border deals of March 2021 tracked by GlobalData were:
1) Constellation Insurance Holdings’ $1bn acquisition of Ohio National Financial Services and Ohio National Mutual Holdings
2) The $900m merger deal with eToro (UK) and FinTech AcquisitionV
3) 9Yards Capital, Avenir Growth Capital, DST Global, Early Capital, Green Visor Capital ManagementLLC, Greycroft Partners, Insight Partners, Salesforce Ventures, Tiger Global Management, Tiger Management and Worldpay’s $170m venture financing of Flutterwave
4) The $165.57m acquisition of BankCard USA Merchant Services by Quisitive Technology Solutions
5) Acrew Capital, Allianz X, Elefund, Greycroft Partners, Moxley Holdings, SiriusPoint and SVB Capital’s venture financing of Pie Insurance Holdings for $118m.