Asia-Pacific’s financial services industry saw a drop of 47.30% in deal activity during October 2022, when compared with the last 12-month average, led by Pegasus Bidco and Sixth Street Partners’ $898m private equity deal for 79.7% stake in Pushpay Holdings, according to GlobalData’s deals database.

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A total of 39 financial services industry deals worth $1.8bn were announced for the region in October 2022, against the 12-month average of 74 deals.

Of all the deal types, venture financing saw most activity in October 2022 with 19 transactions, representing a 48.7% share for the region.

In second place was M&A with 17 deals, followed by private equity deals with three transactions, respectively capturing a 43.6% and 7.7% share of the overall deal activity for the month.

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In terms of value of deals, private equity was the leading category in Asia-Pacific’s financial services industry with $939.63m, while M&A and venture financing deals totalled $618.18m and $210.74m, respectively.

Asia-Pacific financial services industry deals in October 2022: Top deals

The top five financial services deals accounted for 91.9% of the overall value during October 2022.

The combined value of the top five financial services deals stood at $1.62bn, against the overall value of $1.8bn recorded for the month.

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

1) Pegasus Bidco and Sixth Street Partners’s $898m private equity deal for 79.7% stake in Pushpay Holdings

2) The $553.6m acquisition of 20% stake in Rakuten Securities by Mizuho Financial Group

3) 1835i Ventures, Hermitage Capital, Hostplus Superannuation Fund, Lone Pine Capital, Salesforce Ventures, Sequoia Capital China, Square Peg Capital and Tencent Holdings’s $100m venture financing deal with Airwallex

4) The $40m venture financing of Reap Technologies by Abacus Ventures Trust, Acorn Pacific Ventures, Arcadia funds, Fresco Capital, HashKey Capital, Hustle Fund and Payment Asia (International)

5) Shenyang Siasun Robot & Automation’s $33.05m acquisition deal for 60% stake in Shenyang SIASUN Investment Management