The US financial services industry saw a rise of 8.8% in overall deal activity during October 2020, when compared with the last 12-month average, according to GlobalData’s deals database.
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A total of 124 deals worth $17.05bn were announced in October 2020, compared to the 12-month average of 114 deals.
M&A was the leading category in the month in terms of volume with 88 deals which accounted for 71% of all deals.
In second place was venture financing with 21 deals, followed by private equity with 15 transactions, respectively accounting for 16.9% and 12.1% 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 $11.83bn, while private equity and venture financing deals totalled $4.76bn and $454.99m, respectively.
US financial services industry deals in October 2020: Top deals
The top five financial services industry deals accounted for 83.2% of the overall value during October 2020.
The combined value of the top five financial services deals stood at $14.19bn, against the overall value of $17.05bn recorded for the month.
The top five financial services industry deals of October 2020 tracked by GlobalData were:
1) Morgan Stanley’s $7bn acquisition of Eaton Vance
2) The $3.37bn private equity deal with American Equity Investment Life Holding by Brookfield Asset Management
3) The $2.16bn merger of CIT Group and First Citizens BancShares
4) The $960m private equity deal with Digital Insurance by Onex Group and Onex Partners V
5) TP ICAP’s acquisition of Liquidnet for $700m.
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.
