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.