Small banks are taking a big bite out of Wall Street's top line, once again.
Two boutique banks elbowed aside competitors to lay claim to millions in fees on LinkedIn's $26.2 billion sale to Microsoft, announced Monday morning. They are: Qatalyst Partners and Allen & Co., and they managed to disrupt Wall Street's relationship with Silicon Valley once again. Neither bank was immediately available to comment.
It's a big payday for a pair of banks with just a few dozen staffers. The banks will divvy up between $40 million and $45 million for their work helping LinkedIn secure a premium of nearly 50 percent on its stock price, said Jeffrey Nassof, director at mergers and acquisitions consulting firm Freeman & Co.
"It's the biggest tech deal of the year," he said.