Europe’s financial services industry saw a drop of 26.19% in cross border deal activity during May 2022, when compared with the last 12-month average, led by Apollo Global Management’s $1.04bn acquisition of Sofinnova Partners, according to GlobalData’s deals database.

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A total of 31 financial services industry cross border deals worth $3.5bn were announced for the region in May 2022, against the 12-month average of 42 deals.

Of all the deal types, M&A saw most activity in May 2022 with 13 transactions, representing a 41.9% share for the region.

In second place was venture financing with 13 deals, followed by private equity deals with five transactions, respectively capturing a 41.9% and 16.1% share of the overall cross border deal activity for the month.

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In terms of value of cross border deals, M&A was the leading category in Europe’s financial services industry with $1.63bn, while private equity and venture financing deals totalled $1.46bn and $392.35m, respectively.

Europe financial services industry cross border deals in May 2022: Top deals

The top five financial services cross border deals accounted for 88.6% of the overall value during May 2022.

The combined value of the top five financial services cross border deals stood at $3.09bn, against the overall value of $3.5bn recorded for the month.

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

1) Apollo Global Management $1.04bn private equity deal with Sofinnova Partners

2) The $746.74m acquisition of Tysers Insurance Brokers by AUB Group

3) Franklin Resources $700m acquisition deal with BNY Alcentra Group

4) The $406.26m private equity of 5.42% stake in Euroclear Holding by Groupe Caisse des Depots et Consignations

5) Coatue Management,Dragoneer Investment Group,EXOR,Index Ventures,Lakestar Advisors,Ontario Teachers’ Pension Plan,Ribbit Capital,Teachers Venture Growth (TVG) and Temasek Holdings (Private) $193.02m venture financing deal with Alan