Banking M&A Digest #100 (12.11.2020)

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Corporate Financier’s Notes by Aivars Jurcans

Done! And Done

Marex Spectron, a UK-based firm, has agreed to buy X-Change Financial Access, a dealer with offices in New York and San Francisco. Terms of the deal were not disclosed. XFA is best known for dealing in equity options.

Source: Bloomberg

Sampo, a Finnish insurer, has sold its 19.9% stake in Nordea, a Helsinki-based Nordic lender, for EUR 1.2 billion. The stake was sold at 12% more than Sampo’s average purchase price, though below Nordea book value. 

Source: FT

Cinven, a private equity firm, together with GIC, a Singapore’s sovereign wealth fund, has agreed to buy Miller, a specialist insurance broker, from Willis Towers Watson. The deal is said to value the business at about GBP 680 million. Miller places roughly GBP 2 billion in premiums each year.

Source: Bloomberg

Deutsche Bank has agreed to sell Postbank Systems, its IT services division, to Tata Consultancy Services. Deutsche will pay TCS’s integration costs of EUR 120 million as part of the deal.

Source: Reuters

CI Financial, a Canadian asset and wealth manager, has agreed to buy Doyle Wealth Management, a US registered investment advisory firm. Terms of the deal were not disclosed. DWM manages about USD 1.1 billion in assets.

Source: Reuters

Deals On The Table

BrightSphere Investment Group is said to be exploring a sale of its 60% stake in Landmark Partners, a private equity fund investment firm, that could be worth around USD 1 billion.

Source: Reuters

Trasimene Acquisition Corp II, a special purpose acquisition company (SPAC) set up by Bill Foley, is said to be in talks to merge with Paysafe Group, an online payments firm. The transaction would potentially create a company valued at more than USD 10 billion.

Source: Reuters 

American International Group, an insurer, is said to be considering an IPO or a private sale of up to 19.9% of its life and retirement business. 

Source: Reuters

Conduit, a newly established reinsurance underwriting business, is said to be planning to issue new shares worth USD 1.1 billion as it gears up for a London Stock Exchange listing.

Source: Reuters

Natixis, a French investment bank, is said to be seeking to sell its majority stake in H2O Asset Management.

Source: FT

RSA, the 300-year old UK insurer, is said to be in talks to sell itself to a consortium comprising Tryg, a Danish insurer, and Intact Financial, a Canada’s insurer, in a GBP 7.2 billion deal. 

Thanks, But No Deal

UniCredit, an Italian lender, is said to have put plans to split its domestic and foreign operations on ice, saying heavy bond-buying by the European Central Bank kept its sovereign risk profile in check.

Source: Reuters

The Money Trail

Schroders is seeking to raise GBP 250 million for its new Schroders British Opportunities Trust that will focus on promising companies that have prospered during the pandemic.

Source: FT

Up-and-Comers, an online mortgage lender, has closed a new funding round after raising about USD 200 million in a series D financing. The company is valued at USD 4 billion.

Source: Bloomberg

Exciting Numbers

The 4 largest US lenders would enjoy a USD 22 billion increase in annual revenues if interest rates were 1 percentage point higher than forecast in September 2020, across various maturities.

Source: FT

A Thought Worth Noting

“Covid is going to have a similar impact on economic structures as a major war. A lot of the changes that have been brought about since the start of this year, [such as companies replacing business travel with videoconferencing], will prove to be permanent.”

Peter Dixon, senior economist, Commerzbank

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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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