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Google fires Goldman Sachs

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Tue, 05/04/2004 - 23:22 — Christoph C. Cemper

Quote:

Google Inc. excluded Goldman Sachs Group Inc., one of the world's largest underwriters, as a lead manager for its planned $2.7 billion initial public offering because it was angry with the investment bank, Newsweek magazine reported Sunday. Google asked investment banks pitching for the business — worth it said an estimated $100 million in fees — to come up with new ideas to conduct the underwriting rather than rely on old relationship banking habits, the magazine said.

But when Google learned Goldman Sachs' chairman and chief executive Henry Paulson had contacted one of the search engine's big investors, Kleiner Perkins, it deemed this as breaking the rules and bumped them from contention, Newsweek said.

Angry Google cuts investment bank Goldman from $2.7B IPO

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