US financial services industry saw a drop of 8.80% in overall 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 114 deals worth $18.54bn were announced in February 2021, compared with the 12-month average of 125 deals.

M&A was the leading category in the month in terms of volume with 67 deals, which accounted for 58.8% of all deals.

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In second place was venture financing with 38 deals, followed by private equity with nine transactions, respectively accounting for 33.3% and 7.9% of overall deal activity in the US technology industry during the month.

In terms of value of deals, M&A was the leading deal category in the US financial services industry with total deals worth $13.06bn, while venture financing and private equity deals totalled $2.95bn and $2.52bn respectively.

US financial services industry deals in February 2021: Top deals

The top five financial services industry deals accounted for 92.5% 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 $18.54bn 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 of 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.