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In play today: Synovus in talks for Cabela's bank; fintech M&A on the rise

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.


* After Capital One Financial Corp. was unable to directly buy Cabela's banking operations due to regulatory concerns, Synovus Financial Corp. is said to be taking its place in the deal. Sources reportedly told The Wall Street Journal that the Columbus, Ga.-based bank plans to buy the credit card portfolio and then sell most of it to Capital One.

* An unidentified company has placed an unsolicited bid for North Carolina's Capital Bank Financial Corp., and the latter is now reportedly exploring its options. Capital Bank had $9.93 billion in assets as of Dec. 31, 2016.

* Prime Meridian Holding Co., which had $303.9 million in assets at the end of 2016, is allotting the proceeds of a planned common equity offering to the opening or acquiring of more branches. In addition, the Tallahassee, Fla.-based company will be evaluating opportunities to buy another financial institution in the next 18 months.

Financial services

* ZAIS Group Holdings Inc. has exchanged certain due diligence information with potential counterparties as part of an ongoing strategic review of its business. The asset manager has engaged a financial adviser and its board is considering various alternatives including a possible sale, combination or other similar transaction or a going-private transaction.

* MoneyGram International Inc., which has already agreed to merge with Alibaba Group Holding Ltd. affiliate Ant Financial Services Group, entered into a confidentiality agreement with Euronet Worldwide Inc. to consider its unsolicited proposal to acquire all of the outstanding MoneyGram common stock and preferred stock for $15.20 per share in cash.

* Online lender Kabbage is looking to raise money for potential acquisitions One of its prospective targets is publicly traded rival On Deck Capital Inc., Reuters reported.

* Virtu Financial Inc. has made an unsolicited bid to acquire KCG Holdings Inc., The Wall Street Journal first reported, before the companies separately confirmed the news.

Also read: Report: Singapore Exchange eyes tie-ups with overseas operators; IEG Holdings extends tender offer for OneMain shares; MSCI: Reports of takeover bid 'incorrect'; Payment Data Systems enters nonbinding letter of intent to buy Singular Payments


* EHealth Inc. completed its strategic alternatives review, during which it received "indications of interest to both acquire and invest in" the company. EHealth said it will continue to consider possible merger and acquisition proposals it receives.

* Athene Holding Ltd. CEO James Belardi told London's Financial Times that the firm is eyeing acquisitions in Germany and reinsurance transactions in the U.K. Athene has $2.5 billion to use for acquisitions, Belardi said, noting that "a lot of challenged companies" are seeking a "well-capitalized parent" to take assets off their hands.

* Maidstone Insurance Co. is in the process of being sold after suffering material surplus erosion, according to its independent actuary. The Mineola, N.Y.-based auto insurer "may exhaust its surplus during 2017" in the absence of a capital infusion and if its 2017 accident-year combined ratio does not improve, Milliman's Paul Struzzieri wrote in his statement of actuarial opinion as part of the insurer's 2016 annual statement.

Also read: Report: ICICI Lombard General Insurance shortlists 3 PE firms for stake sale; Ambac Financial considering options to strengthen Ambac Assurance; Property insurer has 'zero interest' in buying 'terrible' Fla. books

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