UK financial services industry saw a drop of 2.56% in overall deal activity during May 2021, when compared with the last 12-month average, led by Berkshire Hathaway’s $942.6m acquisition of Aon UK, according to GlobalData’s deals database.

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A total of 38 deals worth $2bn were announced in May 2021, compared with the 12-month average of 39 deals.

M&A was the leading category in the month in terms of volume with 23 deals, which accounted for 60.5% of all deals.

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In second place was venture financing with 12 deals, followed by private equity with three transactions, respectively accounting for 31.6% and 7.9% of overall deal activity in the UK technology industry during the month.

In terms of value of deals, M&A was the leading deal category in the UK financial services industry with total deals worth $1.59bn, while venture financing and private equity deals totalled $234.51m and $215m respectively.

UK financial services industry deals in May 2021: Top deals

The top five financial services industry deals accounted for 91.8% of the overall value during May 2021.

The combined value of the top five financial services deals stood at $1.87bn, against the overall value of $2bn recorded for the month.

The top five financial services industry deals of May 2021 tracked by GlobalData were:

1) Berkshire Hathaway’s $942.6m acquisition of Aon UK

2) The $500m acquisition of Besso Insurance Group and Ed Broking Group by The Ardonagh Group

3) Barinboim Group, Leumi Partners, Management Team – Finalto Group and Menora Mivtachim Insurance’s $210m private equity deal with Finalto Group

4) The $125m venture financing deal with PaySend Group by Hermes GPE Innovation Fund, Infravia Growth Capital, One Peak Partners and Plug and Play

5) Savills Investment Management’s acquisition of 75% stake in DRC Capital for $92.03m.