Goldman’s Former Star Bankers Reunite, Backed by Dell’s Billions

Byron Trott and Gregg Lemkau climbed the ranks within Goldman Sachs Group Inc., ascending to the top of its prestigious investment bank.

They’re now combining the firms they lead after exiting Goldman. Trott’s merchant bank BDT & Co. is merging with Michael Dell’s MSD Partners, which Lemkau joined last year as chief executive officer.

The transaction, expected to close in early 2023, will create a firm overseen by Trott and Lemkau as co-CEOs, according to a Thursday statement. Dell, who has a net worth estimated by the Bloomberg Billionaires Index of $43.4 billion, will be chairman of the advisory ...