US financial services industry saw a drop of 35.51% in overall deal activity during June 2022, when compared with the last 12-month average, led by JAB HoldingLLC’s $1.4bn acquisition of Crum & Forster Pet Insurance Group and Pethealth, according to GlobalData’s deals database.

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A total of 89 deals worth $2.6bn were announced in June 2022, compared with the 12-month average of 138 deals.

M&A was the leading category in the month in terms of volume with 54 deals, which accounted for 60.7% of all deals.

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In second place was venture financing with 26 deals, followed by private equity with nine transactions, respectively accounting for 29.2% and 10.1% of overall deal activity in the US technology industry during the month.

In terms of value of deals, M&A was the leading deal category in the US financial services industry with total deals worth $1.77bn, while venture financing and private equity deals totalled $733.75m and $120m respectively.

US financial services industry deals in June 2022: Top deals

The top five financial services industry deals accounted for 76% of the overall value during June 2022.

The combined value of the top five financial services deals stood at $2bn, against the overall value of $2.6bn recorded for the month.

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

1) JAB HoldingLLC $1.4bn acquisition deal with Crum & Forster Pet Insurance Group and Pethealth

2) The $181.1m acquisition of GrandSouth Bancorporation by First Bancorp.

3) Adams Street Partners,B Capital Group,GIC,Thoma Bravo,Tiger Global Management and Wellington ManagementLLP $150m venture financing deal with FalconX

4) The $147m venture financing of Branch Financial by Acrew Capital,American Family Ventures,Anthemis Group,Gaingels,Greycroft Partners,HSCM Ventures,Narya Capital Management,SignalFire Management Services,Tower IV and Weatherford Capital

5) FNB $117m acquisition deal with UB Bancorp and Union Bank