US financial services industry saw a drop of 35.71% in overall deal activity during May 2022, when compared with the last 12-month average, led by The Carlyle Group’s $1.78bn private equity deal with NSM Insurance Group, according to GlobalData’s deals database.

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A total of 90 deals worth $4.6bn were announced in May 2022, compared with the 12-month average of 140 deals.

M&A was the leading category in the month in terms of volume with 52 deals, which accounted for 57.8% of all deals.

In second place was venture financing with 27 deals, followed by private equity with 11 transactions, respectively accounting for 30% and 12.2% of overall deal activity in the US technology industry during the month.

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In terms of value of deals, private equity was the leading deal category in the US financial services industry with total deals worth $1.94bn, while venture financing and M&A deals totalled $1.76bn and $933m respectively.

US financial services industry deals in May 2022: Top deals

The top five financial services industry deals accounted for 75.7% of the overall value during May 2022.

The combined value of the top five financial services deals stood at $3.5bn, against the overall value of $4.6bn recorded for the month.

The top five financial services industry deals of May 2022 tracked by GlobalData were:

1) The Carlyle Group $1.78bn private equity deal with NSM Insurance Group

2) The $725m venture financing of Acrisure by Guggenheim Investments and Oak Hill Advisors

3) Berkshire Hathaway $620m acquisition deal with Markel

4) The $313m acquisition of PCSB Financial by Brookline Bancorp

5) Leadenhall Capital Partners US,Peloton Capital Management and Vestar Capital Partners $70m private equity deal with Friday Health Plans