The US financial services industry saw a drop of 2% in overall deal activity during Q3 2020, when compared with the last four-quarter average, according to GlobalData’s deals database.

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A total of 347 deals worth $26.43bn were announced in Q3 2020, compared to the last four-quarter average of 354 deals.

M&A was the leading category in the quarter with 225 deals which accounted for 64.8% of all deals.

In second place was venture financing with 94 deals, followed by private equity with 28 transactions, respectively accounting for 27.1% and 8.1% of overall deal activity in the country’s financial services industry during the quarter.

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In terms of value of deals, M&A was the leading deal category in the US financial services industry with total deals worth $14.66bn, while private equity and venture financing deals totalled $7.81bn and $3.96bn, respectively.

The US financial services industry deals in Q3 2020: Top deals

The top five financial services deals accounted for 60.3% of the overall value during Q3 2020.

The combined value of the top five financial services deals stood at $15.95bn, against the overall value of $26.43bn recorded for the month.

The top five financial services industry deals of Q3 2020 tracked by GlobalData were:

1) The Allstate’s $4.52bn acquisition of National General Holdings

2) The $4.4bn private equity deal with Global Atlantic Financial Group by KKR &Inc

3) Empower Retirement’s $3.35bn asset transaction with Massachusetts Mutual Life Insurance

4) The $2bn private equity deal with Silver Lake Partners by Mubadala Investment

5) MetLife’s acquisition of Versant Health for $1.68bn.

Verdict deals analysis methodology

This analysis considers only announced and completed deals from the GlobalData financial deals database and excludes all terminated and rumoured deals. Country and industry are defined according to the headquarters and dominant industry of the target firm. The term ‘acquisition’ refers to both completed deals and those in the bidding stage.

GlobalData tracks real-time data concerning all merger and acquisition, private equity/venture capital and asset transaction activity around the world from thousands of company websites and other reliable sources.

More in-depth reports and analysis on all reported deals are available for subscribers to GlobalData’s deals database.