One upside to the massive credit crunch, record-breaking all-cash deals. According to Dealogic, the Anheuser-Busch-InBev deal is now the largest all-cash deal ever, surpassing Cingular’s 2004 purchase of AT&T Wireless. (Here’s hoping Anheuser-Busch doesn’t have the same branding difficulties as Cingular, but they’re off to a bad start.)
Dealbook: The bankers who helped put together InBev‘s acquisition of Anheuser-Busch had lots of reasons to raise a glass on Monday.
Not only have they turned an ugly takeover battle into a friendly transaction, but they also seem to have pulled off the largest all-cash deal ever. Dealogic ran the numbers and confirmed that at $70 per share in cash, the value of InBev’s offer for Anheuser, the maker of Budweiser beer, is the new champion of all-cash deals, topping Cingular Wireless’s $40.8 billion purchase of AT&T Wireless in 2004.
So, who are lucky bankers? For that we turn to the leading source of dealmaker identifications, The Deal.
The Deal: InBev has retained Antonio Weiss, Steven Golub and Michael Wilkerson at Lazard as lead advisers. J.P. Morgan Chase & Co. acted as co-lead adviser. Deutsche Bank AG, BNP Paribas SA and Centerview Partners Holdings LLC provided additional help. Frank Aquila, George Sampas, George White and Jim Morphy of Sullivan & Cromwell LLP, along with Clifford Chance LLP and Linklaters LLP, are providing counsel to InBev.
Goldman, Sachs & Co., Citigroup Global Capital Markets Inc.’s Leon Kalvaria and Jeffrey Schackner and Moelis & Co. are financial advisers to Anheuser-Busch. The U.S. brewer’s law firm is Skadden, Arps, Slate, Meagher & Flom LLP. Simpson Thacher & Bartlett LLP is legal adviser to the Anheuser-Busch board.
This is a nice feather in JP Morgan’s cap as well as Lazard’s but it’s even better for boutique shops, Blair Effron’s Centerview Partners and Moelis & Co., which has been helping Yahoo fend off Microsoft and Carl Icahn.
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