January 2025 Billion Dollar US M&A Deals
Pulled down 23 US M&A deals >$1B through Jan 25 and approximated fees as 0.33% for the target/seller financial advisor, and 0.20% for the buyer (extremely rough obviously... probably so rough as to be meaningless).
1) JPMorgan Chase – 58.3B Announced M&A – $138.4M Total Fees
- Direct General Life / Nationwide (Buyer FA)
EV = 1,250.00; Buyer fee @ 0.20% = $2.50M - Beacon Roofing / QXO (Target FA)
EV = 11,551.61; Target fee @ 0.33% = $38.12M - Enfusion / Clearwater (Buyer FA)
EV = 2,562.97; Buyer fee @ 0.20% = $5.13M - Calpine / Constellation (Buyer FA)
EV = 29,392.00; Buyer fee @ 0.20% = $58.78M - AEP Ohio & Indiana Transmission / KKR & PSP (Buyer FA)
EV = 2,820.00; Buyer fee @ 0.20% = $5.64M - Shutterstock / Getty Images (Buyer FA)
EV = 1,419.51; Buyer fee @ 0.20% = $2.84M - Paycor / Paychex (Buyer FA)
EV = 4,133.04; Buyer fee @ 0.20% = $8.27M - UniFirst / Cintas (Target FA)
EV = 5,176.56; Target fee @ 0.33% = $17.08M
Total Fees ≈ $138.4M
2) Morgan Stanley – 50.7B Announced M&A – $153.3M Total Fees
- Aquarion Water / Aquarion Water Authority (Buyer FA)
EV = 2,400.00; Buyer fee @ 0.20% = $4.80M - Beacon Roofing / QXO (Buyer FA)
EV = 11,551.61; Buyer fee @ 0.20% = $23.10M - Scorpion Therapeutics / Eli Lilly (Target FA, shared with Centerview)
EV = 2,500.00; Target fee @ 0.33% = $8.25M - Howard Hughes / Pershing Square (Target FA)
EV = 1,000.00; Target fee @ 0.33% = $3.30M - Calpine / Constellation (Target FA, along with Goldman, Evercore, Barclays)
EV = 29,392.00; Target fee @ 0.33% = $97.99M ≈ $98.00M - Inari Medical / Stryker (Target FA)
EV = 4,808.83; Target fee @ 0.33% = $15.87M
Total Fees ≈ $153.3M
3) Goldman Sachs – 37.4B Announced M&A – $122.7M Total Fees
- Paragon 28 / Zimmer Biomet (Buyer FA)
EV = 1,310.33; Buyer fee @ 0.20% = $2.62M - Enfusion / Clearwater (Target FA)
EV = 2,562.97; Target fee @ 0.33% = $8.47M - Calpine / Constellation (Target FA, along with Morgan Stanley, Evercore, Barclays)
EV = 29,392.00; Target fee @ 0.33% = $97.99M ≈ $98.00M - Paycor / Paychex (Target FA)
EV = 4,133.04; Target fee @ 0.33% = $13.64M
Total Fees ≈ $122.7M
4) Barclays – 29.4B Announced M&A – $102.8M Total Fees
- Aquarion Water / Aquarion Water Authority (Buyer FA, shared with Citi, Morgan Stanley)
EV = 2,400.00; Buyer fee @ 0.20% = $4.80M - Calpine / Constellation (Target FA)
EV = 29,392.00; Target fee @ 0.33% = $97.99M ≈ $98.00M
Total Fees ≈ $102.8M
5) Evercore – 29.4B Announced M&A – $98.0M Total Fees
- Calpine / Constellation (Target FA)
EV = 29,392.00; Target fee @ 0.33% = $97.99M ≈ $98.00M
Total Fees ≈ $98.0M
6) Lazard – 29.4B Announced M&A – $58.8M Total Fees
- Calpine / Constellation (Buyer FA)
EV = 29,392.00; Buyer fee @ 0.20% = $58.78M ≈ $58.8M
Total Fees ≈ $58.8M
7) Citigroup – 21.0B Announced M&A – $43.7M Total Fees
- Direct General Life / Nationwide (Target FA)
EV = 1,250.00; Target fee @ 0.33% = $4.13M - Maverick Natural Resources / Diversified (Buyer FA, shared with Truist, Stifel)
EV = 1,244.46; Buyer fee @ 0.20% = $2.49M - Aquarion Water / Aquarion Water Authority (Buyer FA, shared with Barclays, Morgan Stanley)
EV = 2,400.00; Buyer fee @ 0.20% = $4.80M - Intra-Cellular Therapies / Johnson & Johnson (Buyer FA)
EV = 13,648.81; Buyer fee @ 0.20% = $27.30M - Scorpion Therapeutics / Eli Lilly (Buyer FA)
EV = 2,500.00; Buyer fee @ 0.20% = $5.00M
Total Fees ≈ $43.7M
8) Centerview Partners – 18.3B Announced M&A – $60.4M Total Fees
- Evergreen Theragnostics / Lantheus (Target FA)
EV = 1,002.50; Target fee @ 0.33% = $3.31M - IDRX / GSK (Target FA)
EV = 1,150.00; Target fee @ 0.33% = $3.80M - Intra-Cellular Therapies / Johnson & Johnson (Target FA, with Jefferies)
EV = 13,648.81; Target fee @ 0.33% = $45.04M - Scorpion Therapeutics / Eli Lilly (Target FA, with Morgan Stanley)
EV = 2,500.00; Target fee @ 0.33% = $8.25M
Total Fees ≈ $60.4M
9) Jefferies – 18.1B Announced M&A – $58.4M Total Fees
- Maverick Natural Resources / Diversified (Target FA)
EV = 1,244.46; Target fee @ 0.33% = $4.11M - Intra-Cellular Therapies / Johnson & Johnson (Target FA, with Centerview)
EV = 13,648.81; Target fee @ 0.33% = $45.04M - Howard Hughes / Pershing Square (Buyer FA)
EV = 1,000.00; Buyer fee @ 0.20% = $2.00M - EPIC Y-Grade / Phillips 66 (Target FA)
EV = 2,200.00; Target fee @ 0.33% = $7.26M
Total Fees ≈ $58.4M
10) BDT & MSD Partners – 5.2B Announced M&A – $10.4M Total Fees
- UniFirst / Cintas (Buyer FA)
EV = 5,176.56; Buyer fee @ 0.20% = $10.35M ≈ $10.4M
11) BofA Securities – 3.4B Announced M&A – $11.2M Total Fees
- H&E Equipment Services / United Rentals (Target FA)
EV = 3,394.92; Target fee @ 0.33% = $11.20M
12) Moelis & Company – 2.8B Announced M&A – $9.3M Total Fees
- AEP Ohio & Indiana Transmission / KKR & PSP (Seller FA for AEP)
EV = 2,820.00; Target fee @ 0.33% = $9.31M ≈ $9.3M
13) Allen & Company – 1.4B Announced M&A – $4.7M Total Fees
- Shutterstock / Getty Images (Target FA)
EV = 1,419.51; Target fee @ 0.33% = $4.68M ≈ $4.7M
14) Berenson & Company – 1.4B Announced M&A – $2.8M Total Fees
- Shutterstock / Getty Images (Buyer FA, alongside JPMorgan)
EV = 1,419.51; Buyer fee @ 0.20% = $2.84M ≈ $2.8M
15) Piper Sandler – 1.3B Announced M&A – $4.3M Total Fees
- Paragon 28 / Zimmer Biomet (Target FA)
EV = 1,310.33; Target fee @ 0.33% = $4.33M ≈ $4.3M
16) Ardea Partners – 1.3B Announced M&A – $2.5M Total Fees
- Direct General Life / Nationwide (Buyer FA, with JPMorgan)
EV = 1,250.00; Buyer fee @ 0.20% = $2.50M
17) Stifel Nicolaus – 1.2B Announced M&A – $2.5M Total Fees
- Maverick Natural Resources / Diversified (Buyer FA, with Citi & Truist)
EV = 1,244.46; Buyer fee @ 0.20% = $2.49M ≈ $2.5M
18) Truist – 1.2B Announced M&A – $2.5M Total Fees
- Maverick Natural Resources / Diversified (Buyer FA, with Citi & Stifel)
EV = 1,244.46; Buyer fee @ 0.20% = $2.49M ≈ $2.5M
19) Leerink Partners – 1.2B Announced M&A – $2.3M Total Fees
- IDRX / GSK (Buyer FA)
EV = 1,150.00; Buyer fee @ 0.20% = $2.30M
20) CSCA Capital Advisors – 1.1B Announced M&A – $3.7M Total Fees
- NorthStar Healthcare / Welltower (Target FA)
EV = 1,105.78; Target fee @ 0.33% = $3.65M ≈ $3.7M
21) Solomon Partners – 1.0B Announced M&A – $2.0M Total Fees
- Evergreen Theragnostics / Lantheus (Buyer FA, with Ernst & Young IB Arm)
EV = 1,002.50; Buyer fee @ 0.20% = $2.01M ≈ $2.0M
22) Ernst & Young (IB Arm) – 1.0B Announced M&A – $2.0M Total Fees
- Evergreen Theragnostics / Lantheus (Buyer FA, with Solomon Partners)
EV = 1,002.50; Buyer fee @ 0.20% = $2.01M ≈ $2.0M
Thanks and yes the fees probably aren't accurate but interesting to review nevertheless.
Always appreciate your many nuanced and sophisticated contributions to this blossoming community.
Best,
Where is UBS on this list? Did they have 0?
Maybe they are starting to focus more on middle market below $1bn
I can only see them on 2 deals for Jan '25. One at $320M and the other with no values.
Damn that can’t be good. Maybe a sign that senior people may be departing post bonus and are stalling deals to close them at new firms… or that it was a bad January
Yes, they had no publically announced M&A of over a billion over the past month. I believe only two announced deals: one for 200-something mill and another one N/A (buyside for Bain Cap). I do not know the size of the second one as it is not public, but assuming it's a large-cap deal given they were representing Bain Cap and given the traditional check sizes of Bain Cap. Regardless, still a horrible first month for UBS. Also want to note that the first month is not super reflective, checked Bloomberg's IPO offerings rankings and UBS was 6th for US ECM... there is no way in hell UBS is 6th in US ECM. Regardless, there are 11 more months and I would except all banks to balance out a bit more and some places like Barclays who are top 4 to probably slide down a bit more.
Not surprised about Lazard. Laz ranked top for 2024
FYI less than 50% of the fees EBs earned are reported by screens like this, whereas BBs have 90%+ reported
not me giving you shit
I have calculated the fees in a retarded way to be honest so only the volume announced here is meaningful, and even then it is only a month
You can get the fees per deal per bank on refinitiv / Eikon and those are pretty representative of the real fees. You can also tell who took the lead on the deal by the fee split.
why did EVR earn way higher fees than the other sell-side advisors?
Allen isn't doing a sell-side advisory for a $4mm fee... most of these seem way too low and then Calpine seems very high
You will be right – I just looked at Qatalyst on Zuora ($1.4B transaction) as a proxy and they earned $38M in fees for their advisory work ($33M) and the fairness opinion ($5m)
Deals
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