Canadian pipeline company Enbridge is buying Houston-based Spectra Energy, creating the largest energy infrastructure company in North America.
The deal, valued at $43.1 billion, is the third biggest announced M&A transaction this year, according to Dealogic. That means it is going to be a big payday for Wall Street bankers.
Credit Suisse and RBC Capital Markets advised Enbridge on the deal, while BMO Capital Markets and Citi advised Spectra.
It is expected that Enbridge and Spectra will pay around $40 million to $45 million each in advisory fees, according to the consultant Freeman & Co. That would bring the total fees for the deal to close to $100 million.
The deal is a big win for Credit Suisse, which has seen a number of departures in recent months. The Swiss bank is involved in a legal case surrounding the departure of five investment bankers, while Wells Fargo this week announced that long-time Credit Suisse banker David DeNunzio had joined to head global mergers and acquisitions.
That said, the Swiss bank is advising on the three biggest deals of 2016. It is working on Bayer’s blockbuster bid for US seed firm Monsanto and ChemChina’s deal for Syngenta, in addition to Enbridge-Spectra.
The deal is also a boost for Canadian banks RBC Capital Markets and BMO Capital Markets, which both have strong advisory businesses in the energy sector. It is also the biggest deal that Citigroup has been involved in this year.
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