Goldman Sachs is set to earn $92mn from its work advising Pringles and Pop-Tarts maker Kellanova on its $36bn sale to Mars, one of Wall Street’s biggest M&A paydays in recent years.
The fee for Goldman, disclosed in a regulatory filing on Wednesday, underscores burgeoning optimism on Wall Street that deal activity is picking up after a lacklustre two years. Lazard, which advised Kellanova’s board of directors on the deal, is set to earn $10mn. The vast majority of both fees is dependent on the deal successfully closing.
The fee is enormous, even by Wall Street standards, especially given the size of the transaction.
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