Banking M&A Digest #151 (18.11.2021)

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Corporate Financier’s Notes by Aivars Jurcans

Done! And Done

BBVA, a Spanish bank, has launched a takeover bid for the 50.2% of shares it does not own in Garanti Bank, a Turkish lender. The stake is valued at about EUR 2.2 billion. BBVA reportedly paid almost the same amount in euros for a 1/6 share in 2015.

Source: FT

Oportun Financial, a fintech lender, has agreed to buy Digit, an online banking platform, for about USD 212.9 million in equity and cash. Digit has about 600,000 paying members.

Source: Bloomberg

Cboe Global Markets, a Chicago-based bourse operator, has agreed to buy Aequitas Innovations, a parent of Toronto-based NEO Exchange. The terms of the deal were not disclosed. 

Source: Bloomberg, Reuters

KBC Group, a Belgian bank, has agreed to buy the Bulgarian operations of Raiffeisen Bank, an Austrian lender, for EUR 1.02 billion. The deal includes Raiffeisen’s leasing arm, asset management and insurance brokerage businesses. 

Source: Bloomberg

XP, a Brazilian broker, has acquired a “minority stake” in Vista Capital, an asset management firm.

Source: Reuters

Deals On The Table

BNP Paribas, a French bank, is said to be “shopping around for a buyer” for Bank of the West, its US unit. If BNP can fetch a multiple of 1.1x (as recorded in PNC acquisition of BBVA’s US operations), the bank could pull in over USD 15 billion from a sale. 

Source: FT

Wealthfront, a Palo Alto-based automated wealth manager, is said to be exploring a sale that could value the company at as much as USD 1.5 billion. Started in 2008, Wealthfront was one of the first so-called robo-advisers.

Source: Bloomberg

Thanks, But No Deal

Evo Payments is said to have rebuffed a takeover offer from Shift4 Payments, a rival. Evo Payments has a market value of about USD 2 billion.

Source: Bloomberg

Up-and-Comers

InvestCloud, an asset management software provider, is said to be “in the early stages” of considering an initial public offering. InvestCloud is expected to have USD 400 million in revenue in 2022 and could potentially command a valuation of USD 8 billion to USD 10 billion in an IPO.

Source: Bloomberg

Exciting Numbers

This month a record USD 2.6 trillion of US stock options traded in a single day, according to Goldman Sachs.

Source: FT

A Thought Worth Noting

“The supposed cure-all of the past years – low interest rates with seemingly stable prices – has lost its effect, now we are struggling with the side effects. Monetary policy must counteract this – and sooner rather than later.”

Christian Sewing, chief executive, Deutsche 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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