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The PNC Financial Services Group, Inc.’s PNC subsidiary, PNC Bank, entered a definitive agreement to acquire Aqueduct Capital Group. The acquisition is expected to close in mid-summer, subject to customary closing conditions. The terms of the deal were kept under wraps.
Notably, Aqueduct Capital Group is a placement agent committed to raising capital for private equity, private credit and real asset managers, and has been advising clients on a variety of fundraising solutions.
Details of PNC’s Acquisition Deal
The planned acquisition will enhance the primary fund placement capabilities of PNC Financial’s subsidiary Harris Williams, which is a global investment bank specializing in mergers and acquisitions, and private capital advisory services, serving clients globally.
This acquisition, once completed, will provide an opportunity to leverage collective networks to broaden client offerings across North America, Europe, Asia and Australia.
Michael D. Thomas, head of Corporate & Institutional Banking at PNC, stated, "This acquisition is complementary to existing capital advisory capabilities provided through PNC's subsidiary Harris Williams and will enable us to expand our ability to serve the global capital needs of the private equity industry."
John Neuner, co-CEO of Harris Williams, stated, "We are eager to capitalize on this mutually beneficial partnership and work closely with our new Aqueduct colleagues." "With minimal overlap in our respective client bases or limited partner relationships, this agreement increases the ability to serve a broader range of clients," he added.
PNC’s Prior Acquisitions & Partnerships
PNC Financial remains committed to strengthening its business through partnerships and acquisitions. In September 2024, the bank partnered with Plaid through a bilateral data access agreement, allowing PNC customers across the United States to securely share their financial data with various financial applications.
In May 2024, the bank extended its partnership with TCW Group to offer private credit solutions to middle-market companies. This partnership will allow the bank to gain a significant share of the expanding private credit market.
In 2022, the company closed the buyout of Linga, a POS and payment solutions firm, in a bid to expand corporate payments capabilities in the hospitality and restaurant industry space. In 2021, the company completed the conversion of BBVA USA customers and employees to PNC Financial's network.
PNC Financial’s Price Performance & Zacks Rank
PNC shares have rallied 17.6% over the past year compared with 30.5% growth for the industry.