Goldman, Morgan In Cahoots For Dominion Resources

Jan 24 2007 | 11:52am ET

If only the Hatfields and McCoys had a $15 billion deal to make amends over.

Wall Street’s version of the gunslinging Appalachian back-country haters is taking an interesting turn, as Goldman Sachs and Morgan Stanley combine their considerable resources (and tame their considerable egos) to win a particularly fat piece of private equity fruit.

The peacemaker? A bid for the oil and gas assets of Dominion Resources, which could be as high as $15 billion. And rather than two old adversaries going it alone, The Wall Street Journal reports that they’ve quietly teamed up with such p.e. heavyweights as Madison Dearborn Partners, Warburg Pincus, First Reserve, The Carlyle Group and Riverstone Holdings.

Goldman and Morgan have worked together in the past, the Journal notes, but not since the heady days of the internet and Asian bubbles. Sometimes, however, working with a hated rival is better than losing: The Blackstone Group, Texas Pacific Group and Kohlberg Kravis Roberts are reportedly considering a joint bid themselves.


In Depth

'Smart Beta' Funds In Regulators' Sights, Hedgies May Be Next

Mar 26 2015 | 11:11am ET

Funds that mimic strategies used by active managers for a fraction of the cost could...

Lifestyle

Study: Both Marriage and Divorce Lead to Negative Hedge Fund Performance

Mar 25 2015 | 6:51pm ET

Trouble at home leads to trouble in the market for fund managers, according to researchers...

Guest Contributor

Concerned About Your HFT Exposure? Hedge It!

Mar 26 2015 | 1:06pm ET

High-frequency trading has been a persistent storyline for several years. The trading...

 

Sponsored Content

    Mar 9 2015 | 6:35am ET

    Kelly RodriquesKelly RodriquesAs more investors look to diversify, many are beginning to use retirement funds to invest in alternative assets such as private equity and real estate. Kelly Rodriques, CEO & President of PENSCO Trust Company, explains how companies can connect with those looking to use their retirement accounts in a different way. Read more…

Editor's Note