Morgan Stanley Seen Reaping Up to $100 Million After Cigna Deal
Morgan Stanley Seen Reaping Up to $100 Million After Cigna Deal
(Bloomberg) -- Morgan Stanley is benefiting from merger mania this year.
The New York-based bank may collect $80 million to $100 million for its work as the sole banker to Cigna Corp. on its agreement to buy Express Scripts Holding Co., according to Jeff Nassof of advisory firm Freeman & Co. Valued at $69.6 billion, the deal was announced Thursday. It is largest acquisition of the year and the biggest on record for the insurer.
Blair Effron’s Centerview Partners and Lazard Ltd. may split another $100 million for advising Express Scripts, Nassof said. Cigna has secured financing from Morgan Stanley and the Bank of Tokyo-Mitsubishi UFJ Ltd., according to a statement from the insurer.
Morgan Stanley has jumped to No. 1 on mergers and acquisitions league tables this year. The bank was also an adviser to XL Group Ltd. on the $15.3 billion agreement to be sold to French insurer Axa SA.
To contact the reporter on this story: Sonali Basak in New York at sbasak7@bloomberg.net.
To contact the editors responsible for this story: Michael J. Moore at mmoore55@bloomberg.net, Dan Reichl, Josh Friedman
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