Banking M&A Digest #129 (10.6.2021)

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Corporate Financier’s Notes by Aivars Jurcans

Done! And Done

Marqeta, an online card and payment processing company, has raised USD 1.23 billion in an initial public offering which valued it at USD 14.3 billion. The company reported USD 108 million in revenue in Q1 2021.

Source: Bloomberg

Cevian, a European activist investor, has built a 4.95% stake in Aviva, a UK insurer, and is pressing the company to make deeper cost cuts and return GBP 5 billion to shareholders. Cevian is now the second largest shareholder in Aviva, after BlackRock.

Source: FT

Berkshire Hathaway has invested USD 500 million in Nubank, a Brazilian credit card issuer, in a funding round that values Nubank at USD 30 billion. Nubank which has 40 million clients is planning to expand into Mexico and Colombia. 

Source: Reuters

DNB, a Norwegian lender, has secured a 74.9% stake in Sbanken, its domestic rival, and has raised the bid by almost 5% to further increase its holding.

Source: Reuters

TCS Group, which runs Tinkoff (Russia’s online bank), has agreed to buy a 7.5% stake in St Petersburg Exchange.

Source: Reuters 

VTB, Russia’s state-owned lender, has acquired “a minority stake” in Delimobil, a car-sharing services provider, for USD 75 million

Source: Reuters

Deals On The Table

Commercial Bank, a Qatari lender, is said to have made an offer to increase its stake in National Bank of Oman to just over 50%. It is planning to buy an additional stake of 15.2% for USD 128 million.

Source: Reuters

VTB, Russia’s state-owned lender, is said to be prepared to increase its stake in Yandex, an internet company, “should Yandex decide to raise funds on the market”.

Source: Reuters

Thanks, But No Deal

Assicurazioni Generali, an Italian insurer, is said to have dropped out from the race to buy the asset management arm or NN Group, its Dutch rival. The initial price tag was said to be EUR 1.5 billion.

Source: Reuters 

Lights Out

Lithuania’s central bank has revoked the license of Finolita Unio, a fintech implicated in the Wirecard scandal because of “major breaches of anti-money-laundering and counter-terrorist financing rules”.

Source: FT

Citigroup is said to be closing Citi Menkul Degerler, its brokerage unit in Turkey, and will handle client trades from London. Its share in the Borsa Istanbul equity market was 0.44% in 2020.

Source: Bloomberg

Not So Fast

Marex, a London-based broker, has cancelled its planned listing “due to more challenging IPO market conditions”. The company was seeking a valuation of USD 650 – USD 800 million, having reported pre-tax profits of USD 55 million on revenue of USD 414.7 million in the year to December.

Source: FT

Up-and-Comers

MTS Bank, a fintech unit of MTS (a Russian mobile operator) is said to be considering an IPO in 2022. MTS Bank had USD 3.12 billion in assets on 1 May 2021.

Source: Reuters

Dave, a banking app, is said to be going public through a SPAC merger that values it at USD 4 billion. 

Source: CNBC.com

Exciting Numbers

Of the 19 firms created in the past 25 years that are now worth over USD 100 billion, 9 are in America and 8 in China. Europe has none.

Source: The Economist

A Thought Worth Noting

“The energy transition is the biggest investment story of the next three decades. But while the direction of travel is clear there will inevitably be steep hills and sharp drops in the road in places.”

Mark Lewis, chief sustainability strategist, BNP Paribas

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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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