UPS’s Failed TNT Offer Wipes Out $55 Million in Bank Fees - Bloomberg
Investment banks advising United Parcel Service Inc. (UPS) and TNT Express NV (TNTE) on their blocked deal will miss about $55 million they were set to earn on the deal, which collapsed almost a year after the offer was first made.
UPS advisers Morgan Stanley, UBS AG (UBSN), and Bank of America Corp. were set to reap as much as $30 million in fees if the company completed its acquisition of the Dutch parcel delivery service TNT, according to New York-based research firm Freeman & Co. Sellside advisers including Goldman Sachs Group Inc. and Lazard Ltd. (LAZ) were slated to earn as much as $25 million.
Freshfields Bruckhaus Deringer LLP served as legal adviser to UPS while Allen & Overy LLP advised TNT. UPS will pay TNT a termination fee of 200 million euros once the commission officially prohibits the deal. Sellside advisers may receive a portion of that payment in addition to their normal fees, Freeman said.
Investment banks advising United Parcel Service Inc. (UPS) and TNT Express NV (TNTE) on their blocked deal will miss about $55 million they were set to earn on the deal, which collapsed almost a year after the offer was first made.
UPS advisers Morgan Stanley, UBS AG (UBSN), and Bank of America Corp. were set to reap as much as $30 million in fees if the company completed its acquisition of the Dutch parcel delivery service TNT, according to New York-based research firm Freeman & Co. Sellside advisers including Goldman Sachs Group Inc. and Lazard Ltd. (LAZ) were slated to earn as much as $25 million.
Freshfields Bruckhaus Deringer LLP served as legal adviser to UPS while Allen & Overy LLP advised TNT. UPS will pay TNT a termination fee of 200 million euros once the commission officially prohibits the deal. Sellside advisers may receive a portion of that payment in addition to their normal fees, Freeman said.
