Banking M&A Digest #128 (3.6.2021)

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Corporate Financier’s Notes by Aivars Jurcans

Done! And Done

Old National Bancorp and First Midwest Bancorp have agreed to merge in an all-stock deal valued at about USD 6.5 billion. The combined entity will have USD 45 billion in assets.

Source: Reuters

Deals On The Table

Iceland is said to have launched a privatisation of Islandsbanki, a state-owned lender which was formed in 2008 from the domestic assets of Glitnir (an Icelandic bank that imploded in the financial crisis).

Source: FT

Generali, an Italian insurer, is said to be planning to launch a takeover bid for Cattolica, its smaller rival, between late September and early October. The offer is expected to amount to EUR 1.17 billion.

Source: Reuters


Marqeta, a payments startup, is said to be aiming for a valuation of more than USD 12 billion in its US initial public offering. Marqeta, which helps companies issue credit and debit cards to their staff, reported revenues of USD 290.3 million in 2020.

Source: Reuters

Bought By Many, a UK insurtech, has raised USD 350 million in a funding round that valued it at more than USD 2 billion. The company specialises in providing cover and services for almost half a million pets worldwide.

Source: FT

Wefox, a Berlin-based insurance technology firm, has raised USD 650 million in a funding round that values the company at USD 3 billion.

Source: FT

Exciting Numbers

According to Knight Frank, in the next 4 years the number of people worth USD 30 million or more will have grown by 141,055, collectively worth more than USD 4.23 trillion

Source: FT

A Thought Worth Noting

“We’re in an asset bubble. It’s everything. It’s not particular to high-yield bonds, or to bonds, or stocks. It’s real estate, it’s private equity, it’s everything. The way I describe it is, we’re in a low return world… How do you make a decent return in a low return world? The answer is: it’s hard.”

Howard Marks, co-founder, Oaktree Capital Management

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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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