MERGER MONDAY: Wall Street banks are celebrating once again
For a second consecutive week, a string of big deals were announced Monday, with GE agreeing a deal to merge its oil and gas business with Baker Hughes, and CenturyLink announcing a $34 billion deal to buy Level 3 Communication.
It's good news for Wall Street banks, with no fewer than seven banks and six law firms winning a role on one deal of the two deals. Only Morgan Stanley worked across both deals.
On the GE deal, super boutique Centerview Partners is acting as financial adviser to GE, with Morgan Stanley also acting as financial advisor. Shearman & Sterling is legal adviser. Goldman Sachs is working on the other side of the transaction, with Davis Polk acting as legal advisor to Baker Hughes.
On the CenturyLink deal, Bank of America Merrill Lynch and Morgan Stanley are CenturyLink's advisors, while Evercore provided a fairness opinion. Watchtell, Lipton, Rosen & Katz, and Jones Walker are the legal advisers. On the other side, Citigroup is financial advisor, and Willkie Farr & Gallagher is legal adviser. Credit Suisse advised ST Telemedia, a shareholder in Level 3, with Latham & Watkins acting as legal adviser.
More to follow