Beckton Dickinson just announced a $US24 billion deal to acquire medical technology company Bard. Involved in the deal is a small Wall Street firm that has closed some major deals recently.
Perella Weinberg is acting as the lead financial advisor to BD on the deal, with Citi also serving as an advisor and will be providing fully committed financing. Goldman Sachs is serving as the lone financial advisor to Bard.
Advisory fees for Perella Weinberg and Citi could total up to $US50 million, while Goldman Sachs could make up to $US60 million, according to consultant Freeman & Co.
This marks Perella Weiberg’s second major healthcare merger deal in as many weeks, having advised Cardinal Health in a $US6.1 billion takeover of Medtronic announced April 18.
The firm, which was founded in 2006, also advised Medtronic on its $US42.9 billion takeover of Covidien in 2014, and was a part of AT&T’s $US84.5 billion acquisition of Time Warner.
The healthcare sector has been one of the busiest for investment banking activity through 2017 so far, ranking behind technology, financial institutions and energy and natural resources, according to Dealogic.