Banking M&A Digest #155 (16.12.2021)

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Corporate Financier’s Notes by Aivars Jurcans

Done! And Done

Ebanx, a Brazilian fintech backed by Advent International (a US private equity firm), has acquired Remessa Online, an international money transfer firm, for over USD 211.74. Remessa has served 350,000 companies and individuals, totalling USD 5.2 billion in remittances since it was founded in 2016.

Source: Reuters

Abu Dhabi Investment Authority has acquired about 10% of Ardonagh Group, a UK based insurance broker, in a deal that values the company at USD 7.5 billion. 

Source: Bloomberg

CIFC Asset Management, a US collateralised loan obligations manager, has agree to buy LBC Credit Markets, a private credit company. The terms of the deal were not disclosed.

Source: Bloomberg

SBI Holdings, a Japan’s online financial conglomerate, has increased its stake in Shinsei Bank, a Japanese lender, to 48% via a USD 1.1 billion hostile tender offer.

Source: FT

Deals On The Table

BPER, an Italian bank, is said to have made a non-binding offer to buy 88.3% of shares in Banca Carige, its rival, from FITD, the Italy’s depositor protection fund. 

Source: Reuters

Dubai Investments is said to have made an offer to gain full ownership of National General Insurance in a deal that values the company at nearly USD 127.43 million. Dubai Investments currently holds a stake of 45.2% in the company. 

Source: Reuters

KKR is said to be nearing a deal to buy a 10% stake in Shriram General Insurance, an insurance arm of Shriram Group, for about USD 237 million.   

Source: Bloomberg

Thanks, But No Deal

Members of LV, a UK mutually owned life insurer, have rejected a takeover by Bain Capital, a private equity group.

Source: FT

Metrics To Watch

UniCredit, an Italian lender, is planning to target returns on tangible equity of 10% by 2024; this is 4 full percentage points higher than the market has been expecting.

Source: FT

Up-and-Comers

Polygon, a crypto platform, is said to be in process of buying Predicate Labs, a startup developer of the Mir blockchain protocol, in a deal valued at about USD 500 million. 

Source: Bloomberg

FNZ, a digital wealth management company, is said to be in talks to raise about USD 1 billion of fresh capital. The company’s platform-as-a-service is being used by more than 150 banks, asset managers and life insurers to oversee more than USD 1.5 trillion in assets.

Source: Bloomberg

Exciting Numbers

The peak age for falling prey to scammers [in the UK] is 35-44, with 57% of people in this cohort saying that they had been defrauded. By comparison, just 18% of those aged 65 and over and only 31% in the 55-64 age bracket say so.

Source: FT

A Thought Worth Noting

“The adoption of technology has opened up a whole new set of opportunities for financial crime, and it seems the greater your net worth, the more likely you are to become a target.”

Saltus (a wealth advisory company) poll report

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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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