What is the difference between advising the shareholders in a deal vs. advising a company in a deal? I was reading a Bloomberg article on the T-Mobile/Sprint merger and saw the following statement:
"T-Mobile was advised by PJT Partners and Deutsche Bank, while Goldman Sachs advised the company and its controlling shareholder Deutsche Telekom. Morgan Stanley also helped Deutsche Telekom and Evercore advised T-Mobile's committee of independent directors. Barclays, Credit Suisse, Deutsche Bank, Goldman Sachs, Morgan Stanley, and RBC are providing T-Mobile with committed debt financing."
Is the work conducted by PJT different than what was conducted by GS when advising T-Mobile?
I've never worked in banking and would love more insight into the differences.