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In the biggest tech deal in years, Microsoft announced Monday
that it will acquiring social media platform LinkedIn.

Three Wall Street firms are going to make a bundle from the deal.

Morgan Stanley is the the exclusive advisor for Microsoft on the
$26.2 billion purchase, while two small firms – Qatalyst and
Allen & Co. – are advising LinkedIn, according to
a release from Microsoft.

In total, the three firms will bring in as much as $65 million in
fees from the deal, according to estimates from consultant
Freeman & Co. Here’s the full breakdown from Freeman:

  • Buy-side: $10 to 20 million to Morgan Stanley
  • Sell-side: $40 to 45 million to Qatalyst and
    Allen & Co.

Microsoft announced that the firm will issue debt in order to
finance the deal.

Freeman & Co. estimates the company will issue around $15
billion in debt, a move that could generate another $40
to $60 million in fees.

This deal follows
a multi-year trend
of boutique firms
getting in on huge merger deals.

Both Qatalyst and Allen & Co. have been on particular hot
streaks lately. Allen & Co., considered one of Wall Street’s
most secretive banks,
has advised on deals
from Time Warner Cable’s
$80 billion merger
with Charter Communications to
PayPal’s spinoff from eBay
.

Qatalyst is known for its focus on the tech sector: it’s
former CEO Frank Quattrone
worked on deals such as Amazon’s
and Cisco’s IPOs during the tech boom of the 1990s. Since
Quattrone
founded Qatalyst in 2008
, it has advised deals such as

Google’s purchase of Motorola Mobility
in 2011 with a small
team of only 40 employees.