M&A Deal Summary

PNC Acquires National City

On December 31, 2008, PNC acquired financial services company National City from Corsair Capital for 5.6B USD

Acquisition Highlights
  • This is PNC’s 6th transaction in the Financial Services sector.
  • This is PNC’s 3rd largest (disclosed) transaction.
  • This is PNC’s 8th transaction in the United States.
  • This is PNC’s 2nd transaction in Ohio.

M&A Deal Summary

Date 2008-12-31
Target National City
Sector Financial Services
Buyer(s) PNC
Sellers(s) Corsair Capital
Deal Type Add-on Acquisition
Deal Value 5.6B USD

Target

National City

Cleveland, Ohio, United States
National City Corp. is a mortgage banking organization with over 300 offices. The Company provides mortgage services and is now a part of PNC.

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Buyer(S) 1

Buyer

PNC

Pittsburgh, Pennsylvania, United States

Category Company
Founded 1852
Sector Financial Services
Employees53,932
Revenue 21.5B USD (2023)
DESCRIPTION
PNC's corporate headquarters in downtown Pittsburgh, Pennsylvania.
PNC's corporate headquarters in downtown Pittsburgh, Pennsylvania.

PNC is a diversified financial services organizations providing consumer and business banking; specialized services for corporations and government entities, including corporate banking, real estate finance and asset-based lending; wealth management; asset management and global fund services. PNC was formed in 1922 and is based in Pittsburgh, Pennsylvania. PNC was founded in 1852 and is based in Pittsburgh, Pennsylvania.


DEAL STATS #
Overall 8 of 17
Sector (Financial Services) 6 of 11
Type (Add-on Acquisition) 8 of 14
State (Ohio) 2 of 2
Country (United States) 8 of 17
Year (2008) 4 of 4
Size (of disclosed) 3 of 8
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-12-31 National City Insurance Group

Cleveland, Ohio, United States

National City Insurance Group is a provider of various insurance products in the United States.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-07-01 Albridge

Pennington, New Jersey, United States

Albridge is a provider of data management and financial technology solutions for financial services companies. Using patent-pending, state-of-the-art technology, Albridge Solutions collects, cleanses, and normalizes the transaction and position-level securities data it receives from settlement and clearing firms, data custodians, product companies as well as internal proprietary systems. Albridge was founded in 1999 and is based in Pennington, New Jersey.

Buy -

Seller(S) 1

SELLER

Corsair Capital

New York, New York, United States

Investor Investor Investor Investor Investor


Category Private Equity Firm
Founded 1992
Size Large
Type Sector Focused
DESCRIPTION

Corsair Capital is a private investment firm focused on investments in the financial services industry. Specific areas of interest include banks, insurance companies, credit card specialists, asset managers, private banks, mortgage lenders, financial technology firms, and finance companies. The Firm looks to invest between $50 to $100 million in companies with proven business models and 'meaningful' barriers to entry. Corsair will consider opportunities around the world, including the US, Europe, Latin America, and Asia. Prospective transactions include recapitalizations, growth capital financings, management buyouts, and special/distressed situations. Corsair Capital was originally established in 1992 and is based in New York City. Corsair has an additional office in London.


DEAL STATS #
Overall 6 of 13
Sector (Financial Services) 5 of 6
Type (Add-on Acquisition) 3 of 6
State (Ohio) 1 of 1
Country (United States) 2 of 5
Year (2008) 1 of 1
Size (of disclosed) 1 of 5
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2008-06-23 Torus Insurance Holdings

Hamilton, Bermuda

Torus Insurance offers a diversified and growing range of property, casualty and specialty insurance products, as well as reinsurance, to a global client base through its Bermuda, UK, and US based insurance subsidiaries.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2010-05-01 Enstar Group

Hamilton, Bermuda

Enstar Group is a insurance run-off services company that specializes in acquiring and managing reserves associated with discontinued books of property & casualty insurance and reinsurance business on a global basis. Enstar Group was founded in 2001 and is based in Hamilton, Bermuda.

Buy -