PNC Financial's Arm Enters Deal to Acquire Aqueduct Capital Group

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.

At present, PNC carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

Similar Steps Taken by Other Finance Firms

In April 2025, Mr. Cooper Group Inc. COOP and Rocket Companies, Inc. RKT jointly announced an agreement under which the former will be acquired by the latter in an all-stock deal valued at $9.4 billion. This will create a mortgage behemoth in the United States, with the combined firm servicing $2.1 trillion of loans and 9.5 million clients. 

Under the terms of the agreement, COOP shareholders will get 11 RKT shares for each Mr. Cooper share. The transaction is expected to drive higher loan volume and long-term client relationships, providing greater recurring revenues and lowering client acquisition costs. 

In the same month, F.N.B. Corporation FNB and its wholly-owned broker-dealer subsidiary announced plans to acquire Raptor Partners LLC, an independent investment banking firm.

This move aligns with FNB’s growth strategy to expand its business and diversify revenue streams. It will complement the company’s ongoing efforts to improve non-interest income.

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This article originally published on Zacks Investment Research (zacks.com).

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