Banking M&A Digest #142 (16.9.2021)

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Corporate Financier’s Notes by Aivars Jurcans

Done! And Done

Goldman Sachs agreed to buy GreenSky, an online loans provider for one-time expenses, for USD 2.2 billion in stock. GreenSky went public in 2018 at a USD 4 billion valuation but its share price has consistently traded under its IPO price.

Source: FT

Mastercard agreed to buy CipherTrace, a blockchain analytics company which sells cryptocurrency anti-money laundering services. The terms of the deal were not disclosed.

Source: FT

JPMorgan Chase agreed to acquire The Infatuation, an owner of the restaurant guide Zagat. The terms of the deal were not disclosed. About 3 years ago The Infatuation acquired Zagat from Google which had paid USD 151 million for the company to its founders Tim and Nina Zagat in 2011.

Source: FT

Sampo, a Finnish financial group, has reduced its ownership in Nordea Bank to 10.1% by selling 1.8% of Nordea’s total capital. The sale has generated approximately EUR 745 million, EUR 144 million above the book value.

Source: Reuters

Deals On The Table

Peel Hunt, a London-based broker, is said to be considering going public later this month. Founded in 1989, Peel Hunt reported revenues of GBP 197 million in the year to March 2021.

Source: FT

Houlihan Lokey, a US investment bank, is said to have raised its offer price to buy GCA Corporation, a Japanese M&A advisory firm, to about USD 599.1 million in cash. 

Source: Reuters

Up-and-Comers

Pagaya, a US-Israeli fintech, is said to have agreed to go public through a merger with a special-purpose acquisition company EJF Acquisition Corp, in a deal with an enterprise value of USD 8.5 billion.

Source: Reuters

SellersFunding, a fintech startup, has raised USD 166.5 million through a mix of equity and debt. SellersFunding offers a suite of financial solutions for e-commerce marketplaces to manage their working capital, cross-border cash management, tax solutions and business valuation.

Source: Reuters

Varo Bank, a fintech which offers high-interest savings accounts and premium bank accounts with no minimum balance requirements, monthly account fees or overdraft fees, 

has raised USD 510 million in a funding round that valued it at USD 2.5 billion.

Source: Reuters

Exciting Numbers

Hedge funds focused on bitcoin and other digital assets have returned 145% in 2021, according to data from Eurekahedge.

Source: FT

A Thought Worth Noting

“Headcount in the banking industry is likely to get reduced, aided by technology. The mantra has been, remains and will only increasingly be: do more with less.”

Mike Mayo, banking analyst, Wells Fargo

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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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