Goldman Sachs and JPMorgan have killed their Motorola golden goose, The Post has learned.
Motorola Mobility is putting them in the penalty box by not including them as advisers in its $12.5 billion sale to Google because, sources close to the matter said, the two Wall Street giants fought during an earlier Motorola deal.
Only eight months ago, Motorola, working with Goldman, JPM and Centerview Partners, split itself in two publicly-traded companies: Motorola Mobility for cellular phones, and Motorola Solutions, which sells police radios and bar-code scanners.
In its sale to Google, Motorola Mobility has turned to Centerview and Qatalyst Partners, leaving out the two giant firms.
Motorola went through a bad experience last time with the banks, a source with direct knowledge of the situation said.
When Motorola considered splitting itself in two, it hired JPMorgan and Goldman. Then the two banks fought.
“The banks didn’t work well together,” one source close to the deal said.
Goldman’s lead on the deal was Michael Ronen, and for JPMorgan, Stephen Berenson, the source said.
So Motorola brought in Centerview to arbitrate, the source with direct knowledge of the situation said.
Now, Motorola Mobility is making the bold move of not including either bulge-bracket bank on this sale. Goldman and JPMorgan, by not working on this deal, are each likely losing more than $20 million in fees.
Goldman and JPMorgan spokeswomen declined comment.