Corporate Financier’s Notes by Aivars Jurcans
AssetCo, an AIM-listed company with almost GBP 50 billion in assets under management, has agreed to acquire River and Mercantile, another asset manager, in an all-share deal that values the business at almost GBP 100 million.
Diem Association, a cryptocurrency initiative once known as Libra backed by Meta Platforms, is said to be considering a sale of its assets to return capital to its investor members.
JPMorgan has agreed to acquire an around 49% stake in Viva Wallet, an Athens-based payments fintech. Financial terms of the deal were not disclosed. Previously the value of Viva Wallet was estimated at more than USD 2 billion.
Piraeus Bank, a Greek lender, has agreed to buy an additional stake of 52% in Trastor Real Estate Investment Company, form Varde Partners, an investment firm, for about EUR 98 million. Piraeus Bank already holds a 45% stake in Trastor.
Singapore Telecommunications and Grab Holdings, a ride-hailing-to-payments firm, have each bought a 16.3% stake in PT Bank Fama International, an Indonesian lender, paying about USD 35 million for their individual stakes.
Wells Fargo is said to be “studying” a divestment of a 20% stake in Shanghai Commercial Bank. The deal could possibly fetch nearly USD 1 billion.
HSBC is said to be analysing the purchase of Citibanamex, the Citigroup’s retail banking operations in Mexico. The potential deal is expected to fetch anywhere from USD 4 billion to USD 8 billion.
Creditas, a Brazilian lending fintech, has reached a valuation of USD 4.8 billion following its latest funding round. Its revenues reached USD 100 million in the first 9 months of 2021.
Global VC firms raised USD 10.7 billion for funds focused on cryptocurrencies in 2021, compared with USD 5.2 billion raised the previous year, according to PitchBook data.
A Thought Worth Noting
“Investing in banks is always a degree of investing in a black box – it’s a different shade of grey leading up to black.”
Mike Mayo, analyst, Wells Fargo
P.S. You have just read the final issue of Banking M&A Digest. After 3 years the time has come to move on. I have decided to replace it with a new series covering a wider range of topics but still very much focused on corporate finance and investment. Please follow this space for news in the coming weeks.