Perella Weinberg & Tudor Pickering Merger?
Bloomberg is reporting a potential merger or JV between Perella and Tudor, thoughts?
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well at least this one isnt blind speculation
TPH was rumored to have been a potential acquisition along the same lines of Piper/Simmons, so this sounds reasonable..
Can anyone comment on whether this was out of distress? I know Simmons was acquired by Piper a great a deal in part because Simmons was getting crushed at the time. Also any idea of when this is going to take place? Curious how this will impact the office as a whole.
TPH has been rumored for sale for as long as I've been in banking. That's how you cash out of a private company. But everything I've heard around town or read today sounds like this is much more merger or even JV like structure - not an acquisition. Reuters article said Perella is "roughly four times the size of Tudor Pickering with up to $600 million in revenues for 2015". That makes TPH bigger than I would have thought, and 2015 wasn't exactly great in the oil patch. I could see this being good for both groups - private advisor with complimentary businesses but not much (or any) coverage overlap. I've never heard of PWP doing anything in energy.
Time will tell but given that senior guys involved were bros at GS together this sounds like a lot better deal v. the culturally dilutive cluster over at Simmons. Just my 2c.
$600mm seems very high for a firm of Perella's size imo. Goldman raked in $2bn of M&A fees last year and I think Lazard managed about $1.5bn so it seems a bit off that Perella managed to rake in 30% of Goldman's fees pool with an astronomically smaller advisory team that's significantly less global.
Maybe Perella's bigger than I think it is idk.
.
That's true totally forgot about that. I wonder how much revenue that AM business pulls though. That's what's great about being a private company: no one can legit shit on you cause no one really knows anything.
Anyone work at Perella or recently left who has insight into the culture/morale there given some significant changes over the past year?
Also, who is getting the better deal here, Perella or Tudor?
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