The US financial services industry saw a rise of 16.7% in overall deal activity during June 2019, when compared with the last 12-month average, according to GlobalData’s deals database.
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A total of 119 deals worth $5.34bn were announced in June 2019, compared to the 12-month average of 102 deals.
M&A was the leading category in the month in terms of volume with 75 deals which accounted for 63.03% of all deals.
In second place was venture financing with 31 deals, followed by private equity with 13 transactions, respectively accounting for 26.05% and 10.9% of overall deal activity in the country’s financial services industry during the month.
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By GlobalDataIn terms of value of deals, M&A was the leading deal category in the US financial services industry with total deals worth $3.13bn, while private equity and venture financing deals totalled $1.83bn and $372.55m, respectively.
US financial services industry deals in June 2019: Top deals
The top five financial services industry deals accounted for 90.8% of the overall value during June 2019.
The combined value of the top five financial services industry deals stood at $4.85bn, against the overall value of $5.34bn recorded for the month. The top announced US financial services industry deal tracked by GlobalData in June 2019 was $2.1bn merger of Prosperity Bancshares and LegacyTexas Financial Group.
In second place was the $1.8bn private equity deal with Stone Canyon Industries Holdings by Eldridge Industries, Mubadala Investment Company, Ontario Teachers’ Pension Plan, Public Sector Pension Investment Board and The Olayan Group and in third place was Valley National Bancorp’s $740m acquisition of Oritani Financial.
The $107m acquisition of Bannockburn Global Forex by First Financial Bancorp and DST Global, Greenoaks Capital Management, Institutional Venture Partners, KPCB Digital Growth Fund, Ribbit Capital and Y Combinator Management’s venture financing of Brex for $100m held fourth and fifth positions, respectively.
Verdict deals analysis methodology
This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.
GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.
More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.
