From 7 March 2021 to 13 March 2021, mergers and acquisitions across the banking industry tumbled from 41 to 29 transactions. Amongst the deals, there were 24 transactions, 4 mergers and 1 asset transaction.
Demand for electric vehicles reaches record levels around the world, fuelling a surge in lithium prices by 88% this year. Across the sector this week, Gangfeng Lithium Co. acquired the Hongda Foundation from shareholders Zhu Nailiang, Tibet Hongda and CITIC Securities, for a value of $226.1m on 8 March 2021 in China.
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Liangcheng Mining, a subsidiary of Gangfeng Lithium Co. operates across the mining selection, production, and sale of lithium ores and other associated products.
The Hongda Foundation is a limited partnership, whose operations centre on the investment in non-listed companies, holding shares of listed companies by subscribing for non-publicly issued
shares or accepting of equity transfer and related consulting services.
With this acquisition, Gangfeng Lithium now holds a 49% stake in Minmetals Salt Lake – a subsidiary of the Hongda Foundation.
Three days later in Egypt, government-owned commercial bank – Banque Misr – made a tender offer to acquire CI Capital Holding Co for $214.8m.
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By GlobalDataWith an existing 24.7% stake in CI Capital, Banque Misr will now acquire up to 720.8m shares of CI Capital, a financial services group that provides leasing, microfinance and investment banking products and services.
Plummeting down the value spectrum, Northern California National Bank (NorCal) was acquired by an undisclosed investor for a value of $50m in the US on 8 March 2021.
Under the terms of the agreement and subject to regulatory approval, the investors will offer $33.07 in cash for each share of NorCal common stock, representing a 61% premium over the Bank’s closing price per share on 5 March 2021.
Following the acquisition, NorCal will continue to operate as Northern California National Bank and current Chief Executive Officer and President Todd Lewis will remain in an active leadership role with other members of NorCal’s senior management.
Lewis commented: “It’s a unique opportunity to provide compelling value to our shareholders while continuing to deliver our customers exceptional service without any disruption.”
Referring to Chico in Northern California, Lewis added: “The acquiring investors are committed to maintaining the Bank’s high-quality customer service with a long-term view that prioritizes the Bank’s positive contribution to the Chico community.”
Also in the US, Social Finance, a digital personal finance company acquired Golden Pacific Bancorp (GPB) for $22.3m on 9 March 2021.
As part of the transaction, Social Finance will pay $2.55 in cash for each share or approximately $22.3m in aggregate to acquire to advance Social Finance’s effort to obtain a national bank charter.
Under the terms of the agreement, GPB will operate as a division of Social Finance. GPB President and Chief Executive Officer Virginia Varela will continue to lead the GPB community bank business under the direction of Paul Mayer, who will serve as President of Social Finance Bank. The deal is expected to close at the end of 2021.
