“M&A DEAL OF THE WEEK “
Please find below the M&A Deals of the Week, duly prepared by our team. This week we have decided to focus on the acquisition of BBVA by PNC.
PNC has agreed to buy the US operations of Spanish bank BBVA for $11.6bn in an all-cash deal that will create the fifth-largest US bank by assets, delivering a jolt to a fragmented industry that has been slow to consolidate.
The transaction comes six months after PNC sold its stake in BlackRock, the world’s largest asset manager, for $17bn as it sought to bolster its balance sheet amid concerns over the future of the US economy due to the coronavirus crisis.
The sum paid for BBVA’s US operations almost exactly matches the after-tax proceeds of the BlackRock sale. The acquisition will give Pittsburgh-based PNC a presence in several important growth markets beyond its primarily mid-western and mid-Atlantic footprint, most prominently in Texas.
➡️To download the “M&A DEAL OF THE WEEK “:
The M&A Research Team
FINANCIAL NETWORKING GROUP RESEARCH TEAM