Sometimes deals that never happen are the best kind - at least for Goldman Sachs.
Yet the firm still managed to pull a takeover out of the wreckage - Valeant Pharmaceuticals' $8.7bn acquisition of contact-lens maker Bausch & Lomb Holdings, announced last week.
Goldman Sachs not only salvaged a role for itself, it landed on both sides of the deal and is likely to reap as much as $35m in advisory fees along with the largest portion of as much as $140m in financing fees, according to Freeman & Co., a New York research firm. The firm is arranging debt financing to Montreal-based Valeant, while serving as lead adviser to Bausch & Lomb, according to the companies’ statement on May 27.
In the recent spate of health-care deals, Goldman Sachs was aided by representing each of the pivotal companies in various roles, and wound up a big winner when the deals didn't quite go the way the firm planned.
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