A small and secretive boutique investment bank which is started by Michael Klein, a former Citigroup executive, and a star dealmaker will divide millions of dollars in advisory charge in a merger worth $18.3B goal as announced on Monday
Klein & Co will divide the fees in almost $35M with Morgan Stanley for giving advisory services to Barrick Goal Corp. for its merger with Randgold Resources Ltd, a UK-based rival of the company, as per the value estimated by the Freeman & Co, a consulting firm.
CIBC and Barclays, advisors of Randgold will probably earn as much as $45M, said by Freeman.
However, this is not the first time that the firm of M. Klein is giving advisory services to the Canadian gold miner. Earlier, in 2015, Klein has given his services to Barrick during the sale of half of its interest in the Chile-based copper mine.
Started in 2012, despite being a conventional boutique investment bank the company of M. Klein operated more as the CEOs’, governments, institutional investors and board of directors’ embedded advisor.
But the company as well advice big organization on M&A. the firm was also the advisory consultant of the megamerger of Dow Chemical with DuPont that worth $130B. It as well reported to offer services to the Aramco, a Saudi wealth fund for its global strategy.
However, instead of having a portfolio of advising in high-profile cases, the investment bank likes to keep it low. Its official website is it barebones that only has a contact number and no advertising material.
However, how many workers does M. Klein has is not yet clear. As per the earlier report, the investment bank has expanded to 20 employees and made a strong presence in Beijing and London.
Klein spent more than 20 years at Citigroup and became the CEO, global banking.
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