Recent dealmaking by OpenAI appears to raise an awkward question for mergers and acquisitions advisers: What value do you add?
The ChatGPT developer has relied mainly on in-house teams in negotiating recent commercial partnerships in chip supply and shunned outside advisers, the Financial Times reported last month, citing someone with knowledge of the situation.
It would be tempting for bankers and lawyers to dismiss what Big Tech does as an outlier, just as one might not be too surprised if Unicredit SpA boss Andrea Orcel, a former investment banker himself, relied on an internal team in a takeover approach. Moreover, OpenAI wasn’t doing traditional mergers, ...
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