Another week, another big tech deal that shut out Wall Street's top banks.
Tesla's much-anticipated announcement Monday that it would acquire SolarCity caught few off guard — Elon Musk is CEO of both companies and has worked hard to convince investors that the merger of a electric car maker and a solar panel company is a good idea.
But perhaps more importantly for Wall Street, big banks again got shut out of a major tech deal, and that may be a source of increasing concern among big banks that are facing serious margin pressure this year.
Evercore and Lazard will split about $45 million in advisory fees, says Jeffrey Nassof, director at mergers and acquisitions consulting firm Freeman & Co. This year, smaller banks like Evercore have dialed up the portion of M&A deals they're winning.