WALL STREET PAYDAY: Banks could earn $85 million from $7.8 billion Northrop deal
Advertisement
Two Wall Street banks are set to earn a big payday from defense contractor Northrop Grumman's $7.8 billion acquisition of rocket manufacturer Orbital ATK.
Advertisement
Independent investment bank Perella Weinberg Partners and Citigroup will share in as much as $85 million in fees for advising on the deal, according to Jeffrey Nassof, director of consulting firm Freeman & Co.
Northrop will pay Perella Weinberg an estimated $30 million to $40 million, according to Nassof.
Citigroup will make an estimated $35 million to $45 million for advising Orbital, which generates $4.5 billion in revenue thanks to lucrative contracts with NASA and the Army.
The deal is expected to close in the first half of 2018 and will create a company on pace for a combined $30 billion in sales in 2017.
Advertisement
Advertisement
- Tesla tells some laid-off employees their separation agreements are canceled and new ones are on the way
- Taylor Swift's 'The Tortured Poets Department' is the messiest, horniest, and funniest album she's ever made
- One of the world's only 5-star airlines seems to be considering asking business-class passengers to bring their own cutlery
- UP board exam results announced, CM Adityanath congratulates successful candidates
- RCB player Dinesh Karthik declares that he is 100 per cent ready to play T20I World Cup
- 9 Foods that can help you add more protein to your diet
- The Future of Gaming Technology
- Stock markets stage strong rebound after 4 days of slump; Sensex rallies 599 pts