Biggest Deals 2020: COVID-19 didn’t slow consolidation in 2020; pace likely to accelerate in 2021
The largest deals of 2020 had little to do with the pandemic. Ohio-based Huntington Bancshares Inc.’s acquisition of Detroit-based TCF Financial Corp. is the result of a long-running trend since the Great Recession more than a decade ago. Banks have been under pressure to consolidate as regulatory changes from the Dodd–Frank Wall Street Reform and Consumer Protection Act of 2010 put more barriers to risk, and thus earnings, in front of banks.
The COVID-19 pandemic and federal regulations requiring banks to pause foreclosures and other investment recovery measures will likely only expedite the trend when the pandemic subsides.
THE FIVE BIGGEST DEALS OF 2020
- Huntington Bancshares, Columbus, Ohio, acquiring TCF Financial Corp., Detroit. $6 billion
- BorgWarner Inc., Auburn Hills, acquiring Delphi Technologies PLC, London, $3.94 billion
- Simon Property Group Inc., Indianapolis, acquiring 80 percent ownership of Taubman Centers Inc., Bloomfield Hills, $3 billion
- Sun Communities, Farmington Hills, acquiring Safe Harbor Marinas, Dallas, $2.13 billion
- BMC Software Inc., Houston acquiring Compuware Corp., Detroit from Thoma Bravo L.P., Detroit, $2 billion
Posted By: Crain’s Detroit Business on February 21, 2021. For more information, please click here to read the source article.
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