Reckitt Benckiser, the British maker of Durex, is buying the baby formula maker Mead Johnson Nutrition for about $17 billion — and a handful of banks stand to earn tens of millions of dollars in fees.
The London-based boutique bank Robey Warshaw and Bank of America Merrill Lynch were the joint lead advisers to Reckitt. Along with Deutsche Bank and HSBC, they could earn $40-50 million in advisory fees, according to the consultant Freeman & Co.
On the sell-side, Goldman Sachs and Morgan Stanley could split between $50-60 million for their work advising Mead Johnson.
The deal is one of the largest announced so far this year. And for Robey Warshaw, landing a role on it is part of a strong run the firm has had in the past year.
The firm earned $105 million in fees in 2016, according to data from Dealogic, advising on $67 billion worth of deals.
Robey Warshaw advised Softbank on its $30 billion deal for the chipmaker ARM, the London Stock Exchange on its sale to Deutsche Boerse, and SAB Miller on its deal for AB InBev.
It was founded in 2013 by the ex-Morgan Stanley banker Simon Robey and the ex-UBS banker Simon Warshaw. They have about 20 employees and do not draw salaries, but instead take a slice of profits.