| NEW YORK
NEW YORK Feb 13 Comcast Corp's
proposed $45.2 billion merger with Time Warner Cable Inc
would generate as much as $143 million in investment banking
fees, providing a rare boon to Wall Street banks grappling with
a dearth of large corporate takeovers.
JPMorgan Chase & Co, former top Morgan Stanley
banker Paul Taubman and Barclays, which together
advised Comcast, would split an estimated $51 million to $68
million in advisory fees if the proposed deal goes through,
according to estimates by Freeman & Co LLC.
Financial advisers to Time Warner Cable - Morgan Stanley
, Allen & Company, Citigroup Inc and Centerview
Partners - are set to share $57 million to $75 million in fees,
the estimates show.
However, a number of other banks backing a rival bidder,
Charter Communications Inc, would likely miss out on
the several hundred millions of dollars in potential fees.
Because Charter's cash and stock offer for Time Warner
Cable, unlike Comcast's all-stock bid, involved a large
borrowing, banks advising Charter could have earned more than
$500 million in advisory and financing fees, according to
Freeman & Co estimates in January.
Charter, which made a hostile $37.3 billion bid for Time
Warner Cable, was working with Goldman Sachs Group,
LionTree, Guggenheim Securities, Bank of America Merrill Lynch
, Credit Suisse Group and Deutsche Bank
The proposed combination between Comcast and Time Warner
Cable is this year's biggest transaction globally, and the
largest since Verizon Communications Inc's $130 billion
deal last year to buy out Vodafone Group Plc's stake in
The deal is also yet another coup for Paul Taubman, who is
advising key corporate clients on his own after leaving Morgan
Stanley in early 2013. The former co-head of Morgan Stanley's
institutional securities unit left the Wall Street firm after it
became clear that Chief Executive James Gorman planned to choose
his long-time rival Colm Kelleher as the sole head of the unit.
Taubman was the No. 13 mergers adviser in 2013 globally
thanks to his role advising Verizon on the buyout of the Verizon
Wireless stake, putting him ahead of entire banks such as
Evercore Partners, Moelis & Co and Jefferies in the
coveted league table of financial advisers.