Banking M&A Digest #150 (11.11.2021)

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Corporate Financier’s Notes by Aivars Jurcans

Done! And Done

Lemonade, a US car insurer, has agreed to acquire Metromile, a San Francisco-based “pay per mile” insurer, in a deal that values the company at roughly USD 500 million.

Source: Bloomberg

Caixabank, a Spanish lender, has sold its 9.92% stake in Erste Group Bank, an Austrian lender, for EUR 1.503 billion.

Source: Reuters

MagNet Hungarian Community Bank, a Hungarian lender, has agreed to buy Sopron Bank, a Hungarian subsidiary of Hypo-Bank Burgenland (an Austrian lender). The terms of the deal were not disclosed. The sellers were advised by KPMG Corporate Finance.

Source: MagNet Hungarian Community Bank, KPMG

Deals On The Table

UniCredit, an Italian bank, is said to be planning to sell its remaining 20% in Yapi Kredi Bank, a Turkish lender, by the end of March 2022. It will sell an 18% stake to Koc Holding for EUR 300 million. The remaining 2% will be sold on the market. 

Source: Reuters

Abrdn, a UK asset manager, is said to be “finalising” a deal to buy Interactive Investor, a UK fund supermarket, for GBP 1.5 billion. Interactive Investor has more than 400,000 customers and manages around GBP 55 billion. 

Source: FT

Metro Bank, a UK lender, is said to have been approached by Carlyle, a private equity firm, about a possible takeover. 

Source: FT

Banco BPM, an Italian lender, is said to be planning to acquire full ownership of its insurance partnerships. 

Source: Reuters

Sberbank, a Russian state-owned lender which is under Western sanctions since 2014, is said to be planning to sell its subsidiaries in Bosnia and Herzegovina, Croatia, Hungary, Serbia and Slovenia in a deal worth around EUR 500 million. The subsidiaries have total assets of EUR 7.329 billion.

Source: Reuters

Metrics To Watch

Commerzbank’s, a German lender, shares are priced at 0.3x times book value. 

Source: FT

Up-and-Comers

NerdWallet, a San Francisco-based provider of financial guidance to users on credit cards, loans, mortgages and other financial products, achieved a valuation of about USD 1.5 billion in its stock market debut. 

Source: Reuters

TradeStation Group, a financial technology platform which offers self-clearing brokerage services, is said to be planning to go public through a merger with a blank-cheque firm in a deal that values the combined company at about USD 1.43 billion.

Source: Reuters

Exciting Numbers

International investors held USD 1.1 trillion of equity and fixed income securities priced in renminbi as of the end of September 2021, according to Financial Times calculations.

Source: FT

A Thought Worth Noting

“With digitalisation at full speed, central banks must prepare for a digital future in which demand for cash as a medium of exchange may weaken, requiring the convertibility of private money into cash to be complemented by convertibility into central bank digital money.”

Fabio Panetta, executive-digital project, 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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