For Verizon and Vodafone, breaking up is hard to do without financing;
The move by Verizon—the second-biggest takeover deal ever, after Vodafone's purchase of Mannesmann AG in 2000—is expected to generate $500 million or more in total fees for advisers and those putting together the debt-financing package and performing other functions to facilitate it, like currency conversion, according to people familiar with the matter and estimates from advisory firm Freeman Consulting Services.
An amount in that ballpark would be a contender for the biggest fee bonanza on a single deal at least in the past 15 years, according to Freeman, rivaling the $530 million in fees from the Mannesmann deal.
....The takeover is to be financed in part with $40 billion to $50 billion in bonds issued over the next year or so to help replace a $61 billion bridge loan initially put in place on the deal, people familiar with the situation said.Which requires a great deal of expertise, developed over many years by people with extensive education. Which doesn't grow on trees.