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Blackstone learns from the masters of trading favours: banks

Bankers might grumble at being asked for a quid-pro-quo to get on a big deal, but they have a record of similar behaviour

Monday, 9 April 2018 at 00:01

Although it might look anticompetitive, there are no specific rules outlawing such "reciprocity"
Although it might look anticompetitive, there are no specific rules outlawing such "reciprocity" Photo: Simone Golob / Corbis / Getty Images

It's no surprise that banks have been scrambling like mad to get a piece of Blackstone's $13.5bn debt financing for its acquisition of Thomson Reuters — it's the biggest buyout package since the financial crisis. Yet one feature of the contest is raising eyebrows.

To get on the deal — and get a slice of the fat fees available — banks have had to jump through all the usual hoops. But even battle-hardened financiers have been surprised to be asked that their banks pledge to maintain spending on Thomson Reuters' data services.