(Bloomberg) –Europe’s largest M&A deal because the coronavirus pandemic is lacking a notable protagonist: a European bank.Telefonica SA of Spain and Liberty International Plc labored purely with U.S. monetary advisers on the mix of their O2 and Virgin Media companies, which can create the UK.’s largest telephone and web operator valued at 31.four billion kilos ($39 billion) together with debt. Telefonica tapped Citigroup Inc., whereas billionaire John Malone’s Liberty used JPMorgan Chase & Co. and its go-to boutique bank LionTree Advisors LLC.The banking roster highlights Wall Avenue’s sustained dominance out there for charges in Europe, the place most of the area’s traditionally sturdy advisory banks have fallen behind their U.S. rivals after years of restructuring because the 2008 monetary disaster.Whereas Telefonica makes use of a spread of advisers, it has recurrently labored with European banks up to now. UBS Group AG suggested on the tried sale of its UK. enterprise to CK Hutchison Holdings Ltd. in 2015, a deal that was blocked by regulators. The Swiss lender was additionally one of many arrangers for its aborted preliminary public providing of O2 the next yr, individuals with information of the matter stated on the time.Malone ConnectionsCitigroup vaulted 10 spots on the league tables because of the Telefonica-Liberty transaction. It now ranks no. four on offers concentrating on European corporations this yr, in keeping with information compiled by Bloomberg.The agency’s international funding banking operations are co-led by Spaniard Manolo Falco and it has a traditionally sturdy presence within the nation, the place it was the busiest M&A adviser final yr. Citigroup’s deep bench of expertise, media and telecoms bankers additionally helped.Learn extra: Desire a Prime M&A Job in London? It Helps to Be Italian or SpanishLionTree, the boutique co-founded by former UBS analyst Aryeh Bourkoff, jumped to no. 13 from no. 29. JPMorgan Chase & Co. has solidified its no. 2 spot within the rankings, simply behind Wall Avenue rival Goldman Sachs Group Inc., which didn’t have a job on the deal.JPMorgan might have benefited from its financing capabilities and its work with Malone final yr on his deliberate $6.four billion sale of UPC Switzerland to Dawn Communications AG, which fell aside after shareholder opposition. European funding bank Credit score Suisse Group AG missed out on this newest transaction regardless of additionally having a job on that Swiss deal in addition to Liberty’s authentic buy of Virgin Media in 2013.Another banks might have additionally been conflicted out of the deal as a result of they’re common advisers to rival UK. carriers like Vodafone Group Plc and BT Group Plc.Market ShareThe lack of home advisers for a deal involving UK. and Spanish corporations illustrates the uphill battle Europe’s banks face in clawing again again market share from Wall Avenue.The coronavirus outbreak and the following financial collapse have ended a decades-long bull run in M&A, that means missed roles on mega transactions can be much more sorely felt. April was the worst month for offers globally since 2004, in keeping with information compiled by Bloomberg. The O2-Virgin Media deal introduced Thursday is the most important globally since Covid-19 was declared a pandemic in March.Associated Information: Dealmaking in April Drops to Lowest Level Since 2004A choose group of European banks led by BNP Paribas SA has been aggressively lending to the area’s corporates amid the coronavirus pandemic, hoping to parlay that into different enterprise down the street. Nonetheless, because the Telefonica-Liberty deal exhibits, it will likely be an uphill battle for European advisers to pry the most well liked M&A mandates from the Individuals.Associated Information: Prime European Lenders Fill Pandemic Void as U.S. Banks Eye HomeFor extra articles like this, please go to us at bloomberg.comSubscribe now to remain forward with essentially the most trusted enterprise information supply.©2020 Bloomberg L.P.