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Seacoast Banking open to a sale; Medley Capital eyes buyer after scrapped deal

S&P Global Market Intelligence presents a periodic summary of potential deal activity in the financial sector, including rumored transactions. This summary is based on information obtained on a best-efforts basis and may not be inclusive of all potential deal activity.

Banks

* Baltimore-based BV Financial Inc. (MHC) will continue to eye deals and would be interested in a merger with another mutual institution, similar to its Kopernik deal, so it can raise capital for more acquisitions.

* Seacoast Banking Corp. of Florida is open to a potential sale, though management sees value in remaining independent. The bank also has interest in an acquisition but would likely wait for the pandemic-related economic condition to become more stable. Management said the bank's minimal exposure to commercial real estate puts it in a good position for M&A.

* Ontario, Ore.-based Malheur FCU and Medford, Ore.-based Rogue CU have adopted a "letter of intent to merge" and are currently in the due diligence process, according to a post on Rogue CU's website. Once that process is completed, the credit unions will have to mutually agree to continue the merger. As of March 31, Rogue CU had total assets of $1.78 billion and Malheur FCU had total assets of $155.8 million, according to S&P Global Market Intelligence data.

* Heartland Financial USA Inc. is open to more M&A to achieve its goal of getting all its banks over $1 billion in assets, but any deals will likely be announced in 2021 as it will focus on completing two pending transactions this year.

* U.S. Bancorp would be interested in pursuing a deal if the right opportunity came up, but it would have to be significant enough to change the Minneapolis-based bank's direction and fit into its risk dynamics and capabilities.

* PNC Financial Services Group Inc. is looking to use its capital stockpile obtained from divesting its stake in BlackRock Inc., to acquire a bank concentrated in real estate and commercial-and-industrial to accelerate its goals on a national basis and expand its geographic footprint. The Pittsburgh-based bank will patiently look for the right fit, management said.

* Charlotte, N.C.-based Truist Financial Corp. sees many opportunities to grow multiple business areas and is specifically open to expansion through acquisition in the insurance business.

Financial services

* Wirecard AG's Pennsylvania-based separate legal unit, Wirecard North America Inc., is seeking to be acquired through a potential deal. Wirecard North America, formerly known as the Citi Prepaid Card Services business, was acquired by Wirecard in 2016.

* Italy-based insurance company Generali has shown interest in the potential acquisition of the Boston-based asset management firm BrightSphere Investment Group Inc., though it is uncertain whether the Italian insurer can meet the valuation expectation set by hedge fund Paulson & Co. Inc., which owns a 25% stake in the asset manager, people familiar with the matter told Reuters.

* Cannae Holdings Inc. and Senator Investment Group LP have offered to acquire CoreLogic Inc. for $65.00 per share, representing an estimated $7 billion in total enterprise value, in an all-cash deal. The offer was made after nine months of due diligence, where the former two companies found that CoreLogic "will not achieve its full potential under its current strategic plan."

* Morgan Stanley expects to participate in consolidation of the asset management business in the upcoming years, though it is less likely that the company will go for a large-scale deal.

* After Sierra Income Corp. terminated its merger agreement, Medley Capital Corp. is now eyeing a new buyer through its financial adviser, Houlihan Lokey Inc., which has identified potential buyers to gauge their interest, Bloomberg News reported, citing people with knowledge of the matter. The sources told Bloomberg that Medley Capital could eventually choose to remain independent.

* Liquidnet Holdings Inc. is exploring the option to sell itself and the "likely" interested bidders are Broadridge Financial Solutions Inc., SS&C Technologies Holdings Inc., Fidelity National Information Services Inc., State Street Corp. and Bank of New York Mellon Corp., Barron's reported, citing bankers and private equity executives.

* Denver-based Western Union Co. has offered to buy Dallas-based MoneyGram International Inc. though no decision has been reached yet, Bloomberg News reported, citing a person familiar with the matter.

* Shelter Growth Capital Partners LLC is weighing the sale of a U.S. commercial real estate loan portfolio with $711 million in face value that contains 18 mezzanine and senior mortgage loans secured by multifamily, hospitality, student-housing, office, senior-living and other properties, Bloomberg News reported, citing people familiar with the matter and a marketing document sent to prospective buyers.

Insurance

* Willis Towers Watson PLC is reaching out to potential buyers for its London-based wholesale specialist insurance broker Miller Insurance Services LLP before it formally initiates the search for potential bidders by as early as September, Insurance Insider reported, citing unnamed sources. Though Willis Towers suspended the strategic alternatives review for Miller in April, it remains "committed" to the process.

* Great-West Lifeco Inc. will continue seeking opportunities to add scale to Empower Retirement LLC and Putnam Investments LLC and expand its European businesses through deals that comply with its "M&A objectives and advance strategic priorities."

* BGC Partners Inc. is gauging potential suitors as it mulls a partial or full sale of its insurance operations as part of a strategic review, Insurance Insider reported. Cantor Fitzgerald LP, BGC Partners' sister company, could possibly buy a stake in the insurance operation or a special purpose acquisition company IPO could be launched as part of the review process.

* Third Point Reinsurance Ltd. has moved to exclusive merger discussions with Sirius International Insurance Group Ltd., Insurance Insider reported, citing sources. The firm was reportedly put up for sale in March through an expedited sale process run by Barclays Capital and Goldman Sachs.

* Morgan Stanley is in talks with Assurant Inc. to acquire its collateralized loan obligation assets but no deal has been finalized, Bloomberg News reported, citing people with knowledge of the matter.

* American International Group Inc. will shut down Blackboard U.S. Holdings Inc. and focus on its core operations after it failed to reach a deal with potential investors, including an offer from a West Coast technology investor, Insurance Insider reported.

To see the previous edition of "In Play Today," click here.

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