Banking M&A Digest #82 (9.7.2020)

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Corporate Financier’s Notes by Aivars Jurcans

Done! And Done

KKR, a private equity firm, has agreed to buy Global Atlantic, a former life insurance unit of Goldman Sachs, for USD 4.4 billion (its book value at the end of March 2020). The deal would boost KKR’s assets under management by 1/3 to USD 279 billion. 

Source: FT

Allstate Corp, a US auto insurer, has agreed to buy National General Holdings Corp, another automobile insurance provider, for about USD 4 billion in cash. 

Source: Reuters, WSJ

Societe Generale has acquired Shine, a challenger bank targeting freelancers and small companies, for EUR 100 million, according to TechCrunch.

Source: FT

Empower Retirement has acquired Personal Capital, a fintech-focused on retirement planning, investment and wealth management services, for USD 1 billion, according to TechCrunch. Personal Capital has 2.5 million users and USD 12.3 billion of assets under management.

Source: FT

Deals On The Table

DWS Group, an asset manager which is majority-owned by Deutsche Bank, is said to be considering a sale of IKS, its investment funds platform. IKS serves around 2 million clients with more than EUR 100 billion under management.  

Source: Bloomberg

BR Partners, a Brazilian investment bank, is said to be planning an IPO for September 2020.

Source: Reuters

Thanks, But No Deal

Unione di Banche Italiane rejected Intesa Sanpaolo unsolicited takeover bid as insufficient, saying that the value of the offer is “inadequate” and “penalises the shareholders of UBI Banca compared with the shareholders of Intesa”. 

Source: Bloomberg

Exciting Numbers

Global remittances are set to fall 20% in 2020 to USD 445 billion, according to the World Bank.

Source: FT

A Thought Worth Noting

“The whole set of relationships and business models of countries will have to be revisited. Countries cannot be exclusively driven and supported by trade and trade only. … It may well be that this particular crisis will transform our perception of globalisation, proximity, short supply chains [and] control over one’s destiny.”

Christine Lagarde, president, European Central Bank

 

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Aivars Jurcans has more than 20 years of corporate finance and investment banking experience. His services are currently available through MURINUS ADVISERS.

Design by Artis Briedis, Photo by Joe Taylor on Unsplash

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