Goldman, Morgan In Cahoots For Dominion Resources

Jan 24 2007 | 12:52pm 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

Don’t Overlook These 6 Hybrid Cloud Concerns

Sep 14 2017 | 6:27pm ET

Cloud-based technology solutions have made tremendous inroads into the alternative...

Lifestyle

CFA Institute To Add Computer Science To Exam Curriculum

May 24 2017 | 9:25pm ET

Starting in 2019, financial industry executives sitting for the coveted Chartered...

Guest Contributor

Cash: An Asset In Adolescence

Aug 31 2017 | 3:34pm ET

If the investment industry has a rebellious teenager in the house today, that teenager...