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Citigroup and Credit Suisse served as lead financial advisers to BlackRock. Bank of America’s Merrill Lynch unit, Morgan Stanley and Perella Weinberg Partners provided additional advice. Skadden, Arps, Slate, Meagher & Flom was legal counsel.
Barclays Capital acted as lead financial adviser to Barclays, and Lazard & Co. also provided advice. Clifford Chance LLP and Sullivan & Cromwell LLP were the bank’s legal advisers.
Why is it that so many banks are hired as advisors for such deals and what are the implications for junior-level work at one of these banks? I understand that a company undertaking such a large deal may want multiple sources of advice/advisory services, but do these banks work on different aspects of the deal or are they all delivering similar services and advice while charging some fee?
Also, what's the difference in the work being done by a lead advisor vs. an advisor and how does that affect what an analyst would be working on as part of the deal? Thanks.
Barcap advised barcap; not sure about blackrock
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