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(Bloomberg) — A trio of bulge-bracket banks and a boutique are behind NextEra Energy Inc.’s $67 billion deal for Dominion Energy Inc., the biggest straight M&A deal of the year.
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Lazard Inc. was lead adviser to NextEra, with Bank of America Corp. and Wells Fargo & Co. also advising while Goldman Sachs Group Inc. and JPMorgan Chase & Co. advised Dominion.
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The deal is a particular coup for Lazard and Wells Fargo, vaulting each several steps up in the closely watched Wall Street league tables. With this deal, Lazard moves to sixth place up from 10 while Wells Fargo advances to fifth from ninth, according to data compiled by Bloomberg.
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That shores up Lazard’s long-time reputation as a go-to adviser on big deals while validating Wells Fargo’s years-long push to create a top-tier investment banking franchise.
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The deal is worth $117 billion, including debt. That makes it the the largest deal of the year — excluding SpaceX’s private merger with XAi – as well as the biggest-ever deal Wells Fargo has worked on by enterprise value, Bloomberg data shows. It’s Lazard’s second-biggest assignment ever, behind Anheuser-Busch’s 2016 takeover of SABMiller Plc.
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The deal also underscores how the Trump era is shaping up to be a windfall for Wall Street bankers, with major banks including JPMorgan and Goldman Sachs notching big gains in M&A fees in the first quarter, which saw the second-highest deal volume ever.
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Rounding out the top five M&A advisers this year in descending order: Goldman Sachs, JPMorgan Chase, Morgan Stanley and Bank of America.
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