Buffett needed no bankers for speedy deal

By Megan Davies and Michael Erman

NEW YORK (Reuters) - Billionaire Warren Buffett decided he did not need investment bankers when he negotiated his rapid takeover of Burlington Northern Santa Fe Corp even as the railroad was represented by veteran banker Roger Altman's boutique firm Evercore as well as Goldman Sachs.

The $26 billion deal pushes Evercore -- which advised Burlington (BNI.N) alongside M&A juggernaut Goldman Sachs -- up the closely followed league tables.

It will also give the pair a sweet payday with estimated fees of $50 million to $55 million, according to data from Thomson Reuters and Freeman Consulting.

Tentatively agreed on Halloween, the deal took only nine days in total to come together, a source familiar with the deal said. It was presented to the boards and signed late on Monday night.

Despite the rapid pace and the mammoth dollar amount involved, Buffett's Berkshire Hathaway (BRKa.N) (BRKb.N) didn't use a financial advisor, according to a source familiar with the deal.

Buffett often sees no need to hire investment bankers for his deals, but it is perhaps surprising that the firm decided not to use any for such a huge deal.

This time he did not use his favorite investment banker Byron Trott, who opened his own shop in March. Buffett has described Trott as a banker he trusts completely.

Buffett was already intimately knowledgeable about Burlington, as Berkshire had begun amassing Burlington shares by the third quarter of 2006, regulatory filings show.