The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.


All material subject to strictly enforced copyright laws. © 2021 Euromoney, a part of the Euromoney Institutional Investor PLC.

M&A advisers: Smaller advisers win big on telecoms deal

The $67 billion AT&T/BellSouth merger catapults Evercore and Rohatyn up the league tables.

With BellSouth out of the picture, there are few large acquisition targets left in the US telecoms sector

The $67 billion merger of US telecommunications firms AT&T and BellSouth is the latest in a long line of jumbo telecoms link-ups in recent years. The deal itself is spectacular primarily because of its size. But one tantalizing detail in the long-running story lies in just who was advising buyer AT&T. BellSouth, unsurprisingly, chose global institutions Goldman Sachs and Citigroup. AT&T also chose a global M&A powerhouse: Lehman Brothers. In addition, though, the firm used the advisory services of much-smaller boutiques Evercore Partners and Rohatyn to help guide it through the complicated structuring of the merger.

The deal has catapulted Evercore and Rohatyn to fourth and fifth place respectively in the US adviser rankings for this year to date, according to Dealogic.

For some in the market this was not a surprise. Evercore is home to some of the most renowned names in banking from the past two decades. And Felix Rohatyn is a financier extraordinaire. But it does raise the question of when jumbo deals present the opportunity for smaller boutiques to get in on the action.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree