An investment banking advisory firm, which took home a flagship award at Insider’s UK Dealmakers Awards, is set to be acquired by a US-listed group.
KeyCorp has announced a definitive agreement to acquire Clearwater Corporate Finance LLP.
Clearwater UK focuses on providing corporate finance advice for mid-market transactions including M&A, private equity and debt advisory. It has offices in Birmingham, London, Leeds and Manchester.
Earlier this year, Clearwater partner Sarah Taylor named Dealmaker of the Year at Insider’s UK Dealmakers Awards.
The transaction will mark New York Stock Exchange-listed Key’s entry into the Western European market, expanding its ability to provide financial advisory services to institutional clients.
The deal builds on a collaboration agreement established in 2020 between KeyBanc Capital Markets Inc and Clearwater.
The combined platform will offer US-based private equity sponsors and corporate clients access to European acquisition targets and exit strategies, while providing European clients with access to the US M&A market.
Mark Taylor, chief executive at Clearwater UK, said: “This is a significant milestone for Clearwater UK’s growth story. Having partnered with Key for many years, we are confident that both organisations know each other well and that our values and cultures closely align. Importantly, our service offering to clients and core market will remain unchanged, only enhanced.”
Randy Paine, president of Key Institutional Bank, added: “Years of collaboration with Clearwater has generated significant value for clients on both sides of the Atlantic. This transaction is the natural next step in the relationship and directly supports our institutional banking growth strategy.”
The transaction is subject to required regulatory approvals, including approval by the UK Financial Conduct Authority, and customary closing conditions and is expected to close in the second half of 2026.
KeyBanc Capital Markets is serving as exclusive financial adviser to KeyCorp and Davis Polk & Wardwell LLP is acting as transaction counsel. Clearwater UK is serving as exclusive financial adviser to Clearwater Corporate Finance LLP and Browne Jacobson is acting as transaction counsel.