Trump Broadcom Block To Deal Wall Street A $135 Million Blow
On Monday, President Trump issued an executive order blocking the impending takeover of Qualcomm by Broadcom. In doing so, he also likely sent millions in advisory fees for those working on the bid up in smoke.
Advising Broadcom on the potential merger were Moelis & Co., Citi, Deutsche Bank, JPMorgan, Bank of America Merrill Lynch, and Morgan Stanley. Jeffrey Nassof, director of consulting firm Freeman & Co., told Business Insider that those banks would have shared between $110 million and $135 million in fees if the deal had completed.
Bank of America, Citi, Deutsche Bank, JPMorgan, and Morgan Stanley were also helping arrange debt financing. Silver Lake Partners had agreed to supply $5 billion in convertible debt financing.