KeyCorp (KEY) on Wednesday said it has agreed to acquire Clearwater Corporate Finance LLP, a UK-based middle market investment banking advisory firm.
Financial terms of the deal were not disclosed.
KeyCorp said the deal marks its entry into the Western European market, expanding its financial advisory capabilities for institutional clients.
The transaction builds on a collaboration established in 2020 between KeyBanc Capital Markets Inc. and Clearwater, which the company said demonstrated strong strategic and cultural alignment. The agreement covers the UK entity and aims to strengthen ties across Clearwater's broader European network.
The company said the combined platform will provide U.S.-based private equity sponsors and corporate clients access to European acquisition targets and exit strategies, while offering European clients access to the U.S. M&A market.
The transaction is expected to close in the second half of 2026.
"Years of collaboration with Clearwater has generated significant value for clients on both sides of the Atlantic," said Randy Paine, President of Key Institutional Bank. "This transaction is the natural next step in the relationship and directly supports our institutional banking growth strategy."
KeyCorp shares fell 0.41% on Tuesday before closing at $22.10.
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