From 28 March 2021 to 3 April 2021, the number of deals in the banking sector grew from 29 to 31 transactions. Amongst the deals, there were 24 acquisitions, 6 asset transactions and 1 merger.
Most notably this week, Ares Management acquired Landmark Partners from both BrightSphere Investment Group and the Landmark management team for $1.1bn in the US on 31 March 2021.
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Under the transaction, BrightSphere Investment Group will sell its 60% stake in Landmark Partners for $690m while the Landmark management team will sell its 40% ownership for $390m.
In addition to acquiring BrightSphere’s equity interest in Landmark, Ares has also agreed to acquire BrightSphere’s co-investments in Landmark funds, which had a book value of approximately $34m as of 31 December 2020.
The transaction is subject to customary regulatory approvals and closing conditions and is anticipated to close in the second quarter of 2021. RBC Capital Markets and Credit Suisse Securities acted as financial advisors to Ares and Kirkland & Elis LLP served as their legal advisor.
Also in the US, Peoples Bancorp revealed plans to acquire 100% stake in Premier Financial Bancorp for a value of $292.3m on 29 March 2021.
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By GlobalDataPeoples Bancorp is a holding company that provides banking, trust, investment, insurance, and premium financing solutions. The acquisition will enable the firm to gain access and control Premier Bank and Citizens Deposit Bank and Trust.
Raymond James & Associates, Inc and Piper Sandler Companies are acting as financial advisors to Peoples and Premier respectively.
Across the pond, Utmost Group announced the acquisition of Quilter International for $664.88 on 1 April 2021 in the UK. The specialist life assurance group will acquire Quilter International, an investment platform provider of cross-border investment solutions from Quilter Plc, a financial services company.
Quilter International will become a part of Utmost International, the international life assurance business of Utmost Group.
Commenting on the transaction, Paul Thompson, CEO of Utmost Group said: “This is a highly attractive acquisition for Utmost Group and underscores the importance of our Utmost International business. Quilter International is highly complementary to our existing International business from both an operational, product and distribution perspective.
According to Thompson, the acquisition is in line with the firm’s growth strategy and positions Utmost well to “benefit from the fundamental growth trends in the international life assurance sector”.
The same day, Pacific Western Bank acquired MUFG Union Bank – Homeowners Association (HOA) Services Division for $250m in the US.
Pacific Western Bank is a community bank offering a range of banking products and services. The firm will acquire the HOA from MUFG Union Bank, formerly known as Union Bank of California.
Pacific Western will acquire certain assets and assume certain liabilities related to Union Bank’s HOA Services Division for a premium of 5.9% on deposits plus the net book values of certain assumed assets and liabilities. The acquisition will significantly expand the Bank’s existing HOA banking practice, which provides lockbox, electronic receivables processing and other financial services to HOA management companies.
