The Arkansas-based mega retailer's buyout of the New Jersey-based website is the biggest U.S. e-commerce M&A deal ever.
The arrival of Allen & Co. at Wal-Mart's side in the Jet.com deal is notable for several reasons. Not only is the rising tide of boutique banks, sometimes led by former Wall Street banks' ex-rainmakers, continuing to pose a threat to bigger institutions. Allen & Co.'s working for Wal-Mart is also a sign that little banks are making big in-roads toward institutional firms' cherished business relationships with large-cap clients.
It's going to mean big bucks at Allen & Co., said Jeffrey Nassof, director at mergers and acquisitions consulting firm Freeman & Co. Altogether, the banks that work both sides of the Wal-Mart acquisition of Jet stand to make up to $45 million combined, he said.
Jet's advisers on the deal were not publicized, and a CNBC request for comment was not returned.