From 14 February 2021 to 20 February 2021, the banking industry saw another small increase in mergers and acquisitions for a fourth week running.
There were 27 deals this week, when compared to 26 deals the previous week. Amongst the 26 deals were 21 acquisitions, 4 asset transactions and 2 mergers.
Go deeper with GlobalData
Principally, CoStar Group Inc revealed a “competing proposal” to acquire a 100% stake in CoreLogic for $8.46bn, following the announcement that CoreLogic has been acquired by Stone Point Capital and Insight Partners on 4 February 2021. CoreLogic, based in the US, is also a provider of property information and analytics.
On 12 February 2021, CoStar Group, a provider of commercial real estate information, explained the move in a letter to the Board of Directors of CoreLogic: “Given our substantial engagement since early December, we were stunned to read about the acquisition of CoreLogic by Stone Point Capital and Insight Partners on 4 February 2021.
“Their cash bid of $80 per share was materially less than our last all-stock offer, which had a headline value of $86.30 per share. The decision to accept the lower $80 per share bid from a sponsor instead indicates a failure to appropriately value the synergies of our proposal as a strategic bidder.”
Under the terms of the proposal, CoreLogic shareholders would receive 0.1019 shares of CoStar Group common stock in exchange for each share of CoreLogic common stock, representing a value of approximately $95.76 per share based on CoStar Group’s closing share price on 12 February 2021.
How well do you really know your competitors?
Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.
Thank you!
Your download email will arrive shortly
Not ready to buy yet? Download a free sample
We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form
By GlobalDataGoldman Sachs is serving as financial advisor whilst Latham & Watkins LLP is acting as legal counsel to CoStar Group.
Later in the week, Western Alliance acquired 100% of Aris Mortgage Holding Co for $1bn on 16 February in the US. The acquisition will enable Western Alliance, a banking services provider, to further its national commercial bank strategy with the mortgage platform, enhancing growth, return and diversification.
A residential mortgage acquirer, Aris Mortgage Holding Company is the parent company of AmeriHome Mortgage Company.
Under the terms of the agreement, AmeriHome will become a subsidiary of Western Alliance Bank. Western Alliance will pay a cash consideration of $275m alongside the adjusted tangible book value at closing.
Jim Furash, current president and CEO of AmeriHome, will continue to lead the brand. Furash commented: “Joining Western Alliance Bank is a terrific opportunity to accelerate our own strategic objectives and pathway to growth, with an outstanding partner we know very well.
“AmeriHome’s successful results and unique business model proved to be highly attractive for Western Alliance Bank, which has a history of growing by adding specialized financing groups that excel through differentiated B2B expertise and strong client service. It’s a great match.”
Evercore and Guggenheim Securities are acting as financial advisors whilst Troutman Pepper Hamilton Sanders serves as legal advisor to Western Alliance.
In Israel, Althshuler Shaham Provident and Pension Funds acquired 100% of Psagot Investment House for a value of $279.3m.
An Israeli investment company, Psagot was acquired from Apax Partners, a UK-based private equity firm. The deal, which awaits approval from regulators such as the Israel Competition Authority, will render Althshuler Shaham Israel’s biggest provident funds and study funds company.
