China’s dealmakers may have become big players on the global M&A stage but investment banks are increasingly being cut out of the deal.
The latest high-profile acquisition — Wanda’s €1bn purchase of Swiss sports marketing group Infront Media — is another example of a Chinese company bypassing banks when shopping for assets. While accountants PwC and law firm Reed Smith will both take fees for their work on the deal, no bank was listed as an adviser to Wanda.
A scroll through Wanda’s previous big purchases, such as the $2.6bn takeover of AMC Cinemas and its acquisition of Sunseeker yachts, shows a similar pattern, with no bank receiving credit.
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