Goldman Sachs takes top spot as fintech, payments M&A adviser in 2020

Financial technology and payments

Goldman Sachs & Co. LLC ended 2020 as the top M&A adviser by deal value for fintech and payments deals targeting U.S.-based companies, retaining its leading position from 2019.

For the fourth quarter of 2020, Goldman Sachs secured deals worth a total of $4.37 billion. Goldman Sachs advised Nasdaq Inc. in its pending $2.75 billion acquisition of Verafin Inc. and was the sell-side adviser in a private investor group's $1.62 billion acquisition of Cardtronics PLC. In the Nasdaq-Verafin deal, in addition to Goldman Sachs, J.P. Morgan Securities LLC advised the buy-side, while William Blair & Co. LLC advised the seller on the deal.

J.P. Morgan Securities took the No. 2 spot by deal value for the year and for the fourth quarter. Like Goldman Sachs, J.P. Morgan Securities advised on six deals in 2020. Three of J.P. Morgan Securities' assignments, worth a total of $3.2 billion in deal credit, came in the most recent quarter.

The fourth-quarter's largest fintech deal, and the largest M&A transaction of 2020, was S&P Global Inc.'s announced merger with London-based IHS Markit Ltd. The $44.5 billion deal featured Goldman Sachs, Citigroup Global Markets Inc. and Credit Suisse (USA) Inc. on the buy-side and Morgan Stanley, J.P. Morgan Securities, Barclays Capital Inc. and Jefferies LLC on the sell-side.

Asset management and investment banks, brokers and capital markets

Morgan Stanley clinched the No. 1 position with deals worth a total of $24.91 billion in the asset management, investment banks, brokers and capital markets sectors for 2020.

However, in the quarter ended Dec. 31, 2020, Centerview Partners LLC took the lead by advising the buyers in LPL Financial Holdings Inc.'s acquisition of Waddell & Reed Financial Inc.'s wealth management business and Cboe Global Markets Inc.'s deal to acquire BIDS Trading LP on the buy-side, along with advising Eaton Vance Corp. in its acquisition by Morgan Stanley.

Berkshire Global Advisors LP appeared in the rankings by working on 11 deals in 2020, the highest number of assignments in the space.

Specialty finance and mortgage REITs

Credit Suisse (USA) Inc. topped the specialty finance and mortgage real estate investment trust financial adviser M&A league table for 2020 with deal credit of $1.95 billion from three deals.

The investment bank also secured the top rank in the quarter ended Dec. 31, 2020, followed by Financial Technology Partners and J.P. Morgan Securities. All three advised in Rent-A-Center Inc.'s pending acquisition of Acima Credit LLC.