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Megadeals in payments, brokerage sectors shape 2019 M&A advisory league tables

Financial technology and payments

Goldman Sachs & Co. LLC worked on the two biggest deals by value in the financial technology and payments space in 2019, helping it to top the advisory rankings.

The investment banking giant advised Fidelity National Information Services Inc., commonly known as FIS, on its $35.36 billion acquisition of Worldpay Inc., and Total System Services Inc., or TSYS, on its $22.15 billion sale to Global Payments Inc. It also advised The Ultimate Software Group Inc. on its $10.97 billion sale to an investor group that included The Blackstone Group Inc.

Bank of America Securities worked on seven deals in 2019, the most among deal advisers in the fintech and payments space. Notable deals it worked on included advising Global Payments on the TSYS acquisition and the sellers for Fiserv Inc.'s $21.79 billion acquisition of First Data Corp.

J.P. Morgan Securities LLC ranked second by deal value, having advised Fiserv on the First Data deal and Global Payments on the TSYS acquisition.

Credit Suisse (USA) Inc., Centerview Partners LLC and Morgan Stanley also made it to the top of the rankings with their work on the FIS/Worldpay deal, with Credit Suisse (USA) and Morgan Stanley advising Worldpay and Centerview Partners advising FIS. Greenhill & Co. Inc. was a sell-side adviser in the Global Payments/TSYS deal, while Citigroup Global Markets Inc. and Evercore Inc. worked on the sell side of the Fiserv/First Data deal.

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Asset management and investment banks, brokers and capital markets

The top six places were taken by the advisers on Charles Schwab Corp.'s announced acquisition of TD Ameritrade Holding Corp., a deal that will combine the two biggest online brokerages in the U.S.

Piper Sandler Cos., Barclays Capital Inc., J.P. Morgan Securities, PJT Partners LP and TD Securities (USA) LLC all advised the sell side of the deal, while Credit Suisse (USA) worked on the buy side. Piper Sandler worked on five other deals in the space across the year, including advising Oaktree Capital Group LLC on its sale of a 61.2% stake to Brookfield Asset Management Inc., valued at $4.8 billion.

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Specialty finance and mortgage REIT

The specialty finance and mortgage real estate investment trust industry did not see any deal valued at least $1 billion announced or completed within 2019.

J.P. Morgan Securities was the leader in terms of deal value. It advised Texas-based Woodforest National Bank on the sale of its asset-based and equipment finance lending business to Montebello, N.Y.-based Sterling National Bank, valued at $515.7 million. It also advised RCC Real Estate Inc. on its acquisition of mortgage loans from C-III Capital Partners LLC, valued at $197.6 million.

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