The US financial services industry saw a flat growth in overall deal activity during September 2020, when compared with the last 12-month average, according to GlobalData’s deals database.

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A total of 114 deals worth $11.12bn were announced in September 2020, compared to the 12-month average of 114 deals.

M&A was the leading category in the month in terms of volume with 79 deals which accounted for 69.3% of all deals.

In second place was venture financing with 27 deals, followed by private equity with eight transactions, respectively accounting for 23.7% and 7.02% of overall deal activity in the country’s financial services industry during the month.

In terms of value of deals, private equity was the leading deal category in the US financial services industry with total deals worth $6.55bn, while M&A and venture financing deals totalled $2.31bn and $2.26bn, respectively.

US financial services industry deals in September 2020: Top deals

The top five financial services industry deals accounted for 72.2% of the overall value during September 2020.

The combined value of the top five financial services deals stood at $8.03bn, against the overall value of $11.12bn recorded for the month.

The top five financial services industry deals of September 2020 tracked by GlobalData were:

1) Empower Retirement’s $3.35bn asset transaction with Massachusetts Mutual Life Insurance

2) The $2bn private equity deal with Silver Lake Partners by Mubadala Investment

3) MetLife’s $1.68bn acquisition of Versant Health

4) The $500m venture financing of Affirm by Baillie Gifford &, Durable Capital Partners, Fidelity Management & ResearchLLC, Founders Fund, Lightspeed Management Company, Spark Capital, GIC and Wellington ManagementLLP

5) Bessemer Venture Partners, Greenspring Associates, New Enterprise Associates, The Blackstone Group, Tiger Global Management and T Rowe Price Associates’ venture financing of Bright Health for $500m.

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.