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Merger and Acquisition

Sullivan, Ellis Were Top M&A Legal Advisers by Value and Volume in financial Services Sector in 2021

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Sullivan & Cromwell and Kirkland & Ellis were top M&A legal advisers by value and volume in financial services sector for 2021, finds GlobalData.

Sullivan & Cromwell and Kirkland & Ellis were the top mergers and acquisitions (M&A) legal advisers in the financial services sector for 2021 by value and volume, respectively, according to GlobalData. The leading data and analytics company notes that Sullivan & Cromwell advised on 42 deals worth $105.1 billion, which was the highest value among all advisers tracked. Meanwhile, Kirkland & Ellis led by volume, having advised on 76 deals worth $20.1 billion. A total 3,854 M&A deals were announced in the sector during 2021.

According to GlobalData’s report, ‘Global and Financial Services M&A Report Legal Adviser League Tables 2021‘, deal value for the sector increased by 21.1% from $430.6 billion during 2020 to $521.3 billion during 2021.

Aurojyoti Bose, Lead Analyst at GlobalData, comments: “Kirkland & Ellis was the only advisor that managed to advise on more than 70 deals during 2021. However, it lagged behind in terms of value and did not find a place among the top 10 by value due to involvement in low-value transactions.

“The average deal size of transactions advised by Kirkland & Ellis was just $264.2 million, while it was $2.5 billion for Sullivan & Cromwell. Apart from leading by value, Sullivan & Cromwell also occupied the fourth position by volume.”

Wachtell Lipton Rosen & Katz occupied the second position in terms of value, with 26 deals worth $79.1 billion; followed by Skadden, Arps, Slate, Meagher & Flom, with 54 deals worth $55.9 billion; Simpson Thacher & Bartlett, with 37 deals worth $51.6 billion; and Cravath Swaine & Moore, with nine deals worth $47.6 billion.

Alston & Bird occupied the second position in terms of volume, with 55 deals worth $7.9 billion; followed by Skadden, Arps, Slate, Meagher & Flom, and Sullivan & Cromwell. Willkie Farr & Gallagher occupied the fifth position by volume, with 42 deals worth $13.8 billion.

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Merger and Acquisition

Access Holdings Plc to Acquire Majority Stake in First Guarantee Pension Limited

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Herbert Wigwe - Investors King

Access Holdings Plc has agreed with First Guarantee Pension Limited to acquire a majority stake in the company in its drive to transform from a narrow banking business into a financial service company.

The leading financial institution stated in a press release obtained by Investors King on Thursday.

According to Access Bank, the transaction is in line with its strategy to evolve into a full-blown financial services company and gain relevant market share across Africa, global monetary centres and beyond banking verticals.

Speaking on the firm’s push to change the banking landscape, Dr. Herbert Wigwe, Group Chief Executive Officer, Access Corporation said “This transaction is a natural evolution for us. Over the last 20 years, we set our sights on and delivered ambitious plans to transform the African financial services landscape focusing on banking and have created the African leading Bank and largest bank by customer base.

“This large customer base both on the wholesale and retail segments makes the pension business a natural fit for the Corporation given its objective of ecosystem optimisation. We will leverage our well-established culture of strong corporate governance, risk management, cutting-edge technology, and digital capabilities to deliver high standards of professionalism in the management of pension assets to the benefit of our stakeholders.”

The firm added that the National Pension Commission and the Central Bank of Nigeria have given their no objection to the transaction.

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Merger and Acquisition

FBN Holdings to Acquire Access Pension Fund Custodian Limited

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UK Eke Group Managing Director FBNHoldings - Investors King

FBN Holdings Plc on Wednesday announced it entered into a definitive agreement with Access Bank Plc to acquire 100% Share Capital of Access Pension Fund Custodian Limited held by Access Bank Plc.

The acquisition would be done through First Pension Custodian Limited, a subsidiary of FBNH, the bank disclosed this in a statement signed by Adewale L.O Arogundade, Ag. Company Secretary and obtained by Investors King.

According to FBN Holdings, the Central Bank of Nigeria and the National Pension Commission have given their no objection to the transaction, with completion subject to the receipt of all required regulatory approvals.

The statement reads, “FBN Holdings wishes to notify Nigerian Exchange Limited and investing public that First Pension Custodian Limited, a subsidiary of FBNH’s flagship subsidiary, First Bank of Nigeria Limited has entered into a definitive agreement with Access Bank Plc for the planned acquisition by First Pension of 100% Share capital of Access Pension Fund Custodian Limited held by Access Bank Plc.

 

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Merger and Acquisition

Sub Saharan Africa Mergers and Acquisition Transactions Totalled US$ 7 Billion in Q1 2022

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Refinitiv today released the first quarter 2022 investment banking analysis for the Sub-Saharan African. According to the report, an estimated US$97.3 million worth of investment banking fees were generated in Sub-Saharan Africa during the first quarter of 2022, down 9% from the same period in 2021 and the lowest first quarter total since 2014.

The value of announced M&A transactions with any Sub-Saharan African involvement reached US$7.0 billion during the first three months of 2022, 13% less than the value recorded during the same period in 2021 and a four-year low, despite an 11% increase in the number of deals. Sub-Saharan African equity and equity-related issuance totalled US$496.9 million during the first quarter of 2022, compared to just US$18.4 million during the same period last year. Sub-Saharan African debt issuance totalled US$9.4 billion during the first quarter of 2022, down 30% from the value recorded during the same period in 2021, although historically high with only 2018 and 2021 registering higher first quarter totals.

INVESTMENT BANKING FEES

Equity capital markets underwriting fees declined 1% to US$8.8 million, the lowest first quarter total in twelve years.  Debt capital markets fees declined 16% from last year’s record start to US$40.7 million, while syndicated lending fees declined 81% to US$6.3 million.  Advisory fees earned in the region from completed M&A transactions reached a three-year high of US$41.4 million, an increase of 163% compared to the first three months of 2021.  Seventy-nine percent of all Sub-Saharan African fees were generated in South Africa during the first quarter of 2022, and 33% were earned from deals in the High Technology sector. Goldman Sachs earned the most investment banking fees in the region during the first quarter of 2022, a total of US$11.4 million or an 11.7% share of the total fee pool.

MERGERS & ACQUISITIONS

Deals worth US$5.2 billion involved a Sub-Saharan African target, a 10% increase from the first quarter of 2021.  While domestic deals declined 17% from last year, inbound deals involving a non-Sub-Saharan African acquiror increased 44% to US$3.0 billion, the highest first quarter total in five years.  Meanwhile, Sub-Saharan African outbound M&A totalled US$776.0 million, less than half the value recorded during the same period last year and with a 15% decline in the number of deals. High technology was the most targeted sector by value in Sub-Saharan Africa during the first quarter of 2022, while the financial sector saw the highest number of deals in the region.  South Africa was the most targeted nation, with US$2.5 billion in M&A announcements, equivalent to 48% of total activity recorded in the region. With advisory work on deals worth a combined U$1.8 billion, Goldman Sachs held the top spot in the financial advisor ranking for deals with any Sub-Saharan African involvement during Q1 2022.

EQUITY CAPITAL MARKETS

All proceeds were raised by follow-on issuance with MTN Nigeria Communications and South African coal exporter Thungela Resources among those in the region raising new equity funds from follow-ons.  No convertible or initial public offerings were recorded in the region.  Issuers in Nigeria raised more in the equity capital markets than any other Sub-Saharan African nation during the first quarter of 2022, a total of US$277.1 million, while South African issuers raised a combined US$219.9 million. Morgan Stanley took first place in the Sub-Saharan African ECM underwriting league table during the first quarter of 2022 with a 23% market share, followed Java Capital with 13%.

DEBT CAPITAL MARKETS

The number of issues declined 43% from last year at this time.  South African was the most active issuer nation during the first quarter of 2022, accounting for 59% of total bond proceeds, followed by Nigeria (22%) and Ivory Coast (14%).  Issuers is the technology sector accounted for 56% of proceeds raised during the first three months of 2022, while government & agency issuers accounted for 27%. Citi took the top spot in the Sub-Saharan African bond bookrunner ranking during the first quarter of 2022, with US$1.7 billion of related proceeds, or an 18.1% market share.

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