And in a rare twist, the lawyers are expected to pocket more of the total fees than the bankers, who normally benefit the most from outsized transactions, say sources. The deal is among the biggest fee events in Canadian M&A history, and a source familiar with the situation told Reuters it would land banks involved with 5% to 10% of their annual investment banking fees.Sign up to receive daily headline news from the Calgary Herald, a division of Postmedia Network Inc.
Rogers and Shaw estimated in April 2021 that the transaction would cost $100 million in total fees, but some bankers and lawyers now expect the payout to be higher due to the lengthy court battle. Rogers declined to provide revised figures. “Due to the lengthy approval process, the legal teams are likely to take the majority of these fees, which is not typical,” said Derek Van der Plaat, a managing director at BDO Canada, M&A and Capital Markets.Article content
Law firms Lax O’Sullivan Lisus Gottlieb represented Rogers, while Davies Ward Phillips & Vineberg and Wachtell are lawyers for Shaw.Law firms Goodmans and Torys advised Rogers and its controlling shareholder, while Davies Ward Phillips and Vineberg and Wachtell, Lipton Rosen and Katz represented Shaw. Burnet, Duckworth and Palmer is an independent legal advisor to a special committee of independent directors of Shaw.
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