UBS on the march after bringing home big deal

UBS HQ Archway

Excellent news on the UBS front.

Bloomberg News reports that while UBS’s investment bank has suffered setbacks, from a state bailout to a rogue trading loss in the last five years, its relationship with Vodafone Group never faltered.

That friendship has paid off again as UBS, joined by Goldman Sachs, advised Europe’s largest mobile phone operator on the $130bn sale of its 45% stake in Verizon Wireless to Verizon Communications.

It’s the latest of more than three-dozen deals the Zurich-based firm has helped Vodafone execute. The transaction, led by Simon Warshaw, a UBS media banking veteran, vaulted UBS to No. 6 from No. 11 of the global league tables for merger advice, ahead of Deutsche Bank, Citigroup and Credit Suisse.

'They’ve managed to hold onto a longstanding relationship and it’s important that they got this deal despite the narrower footprint in investment banking', said Christopher Wheeler, a London-based analyst at Mediobanca SpA.

UBS and Goldman Sachs are expected to share as much as $118m in Vodafone advisory fees, according to estimates by consulting firm Freeman & Co. in New York. Goldman Sachs’s team was led by Karen Cook, 60, a London-based president for its European business.

Hit the link below to access the complete Bloomberg article:

UBS M&A Rank Rises With Vodafone as Turnaround Plotted

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