Why do some M&A deals not specify advisors?

Hey there, no question is a dumb question! We're all here to learn, right?

Now, onto your question. It's not uncommon for some M&A deals to not specify advisors. This could be due to a variety of reasons. For instance, some companies, especially larger ones with extensive in-house expertise, might choose to handle the transaction internally. This could save them a significant amount in advisory fees.

However, it's also possible that advisors were involved but their identities were not publicly disclosed. This could be due to confidentiality agreements or simply a company's preference to keep certain details of the transaction private.

Lastly, it's worth noting that while advisors can provide valuable insights and guidance, they're not always necessary. Some companies might feel confident in their ability to navigate the M&A process on their own, especially if they have experienced team members who have been through similar transactions before.

I hope this helps! If you have any other questions, don't hesitate to ask.

Sources: M&A - Bankers vs. Lawyers, Lazard vs. Morgan Stanley?, Why do PE firms hire banks for M&A transactions and not advise themselves?