KeyCorp to acquire Clearwater Corporate Finance

KeyCorp (KEY) announced a definitive agreement to acquire Clearwater Corporate Finance, a UK-based middle market investment banking advisory firm. The transaction will mark Key’s strategic entry into the Western European market, expanding its ability to provide financial advisory services to institutional clients. The transaction builds on a collaboration agreement established in 2020 between KeyBanc Capital Markets and Clearwater. This multi-year partnership has validated the strategic and cultural compatibility between the organizations. The agreement covers the UK entity with the intent of strengthening collaboration across Clearwater’s broader European network. 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. 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 advisor to KeyCorp and Davis Polk & Wardwell is acting as transaction counsel. Clearwater UK is serving as exclusive financial advisor to Clearwater Corporate Finance and Browne Jacobson is acting as transaction counsel.