PWP acquisition by Piper cancelled
Hearing through the grapevine that the acquisition was cancelled, can any current PWP bankers confirm?
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Can confirm. Was told this at a global meeting today
Has just hit the FT
Perella Weinberg and Piper Sandler abandon merger talks
A deal would have created an independent investment bank with market value of $6bn
Perella Weinberg and Piper Sandler had been discussing an all-stock merger but could not come to terms on final economic and personnel matters
9 MINUTES AGO
Perella Weinberg Partners and Piper Sandler have abandoned merger talks that would have combined two of Wall Street’s major independent investment banks.
The groups had been discussing an all-stock merger but could not come to terms on financial and personnel matters, according to multiple people familiar with the situation. The Wall Street Journal first reported on the possible combination last month.
PWP, founded in 2006, has a market capitalisation of just over $1bn. Piper Sandler, a combination of the previous Piper Jaffray and Sandler O’Neill + Partners, has an equity value of about $5bn.
Piper declined to comment. Perella did not immediately respond to a request for comment.
In recent weeks, the sides have been negotiating lock-up agreements with dozens of top PWP bankers to keep them aboard for several years. This had drawn concerns from some of those bankers.
However, a sufficient number did not assent to the deal, the people added. PWP was formed by the Wall Street grandee Joseph Perella and Peter Weinberg, previously a longtime Goldman Sachs banker whose family had been involved in Goldman Sachs’ leadership since the 1930s.
Perella Weinberg, which has a large office in London, went public in 2021 via a merger with a blank-cheque company just after it separated its asset-management division. With annual advisory revenues of just under $1bn, it trails listed rivals Evercore, Lazard, Moelis and PJT Partners as well as the privately held Centerview Partners.
Piper Sandler was formed in 2020 when the middle-market bank, Piper Jaffray, acquired Sandler O’Neill, a full-service investment bank dedicated to clients that were financial institutions.
Piper shares are down a quarter this year while PWP’s stock price was down just about as much until rallying since last when The Wall Street Journal first reported merger discussions between the two. This is a developing story.
https://www.ft.com/content/dadac221-a4dd-4935-897e-7f7faebe8f17?syn-25a…
Deal made no sense anyway
Mind explaining why?
Actually made solid sense - PWP is pretty shit now relative to 2015 / partners likely want a payout - Piper’s punched above its weight class on the league tables for a while now
lol piper will always be viewed as a lmm regional boutique bank. idc what the league tables say
By your Wells Fargo bitch ass maybe
congrats on LMM PE!
Well no shit that it makes sense for PWP stakeholders. But does it make sense for Piper? Because no banker at PWP (junior/mid-level/senior), who is worth their salt, would stick around to work at Piper. There goes your whole employment base / origination engine. Now what have you paid for? A logo? Some analysts / associates who couldn’t find an exit? These mergers rarely make sense for a reason
Thank god I’m not going to Piper wow
hi
Partners put brand / prestige above rescuing a sinking share price
Among the three options what seems most likely?
Greenhill fate: PWP absorbed into a BB (like Citi, Barclays, WF etc.)
PWP merges with another EB
Continues to struggle in the short term, possibly hurting return rates on '27-28
None of the above
What options are there really?
The partners didn’t want to be bought when it was probably in their best interest. They better continue to walk the walk and bootstrap, winning deals so the company can buy back shares and stabilize the price.
Big earnings call coming up on the 29th. Saw some big deals on their LinkedIn page over the past few weeks. Hopefully things can materialize.
Remind me what’s elite about PWP? I respect Piper when I see them across the table (even if they’re a bit formulaic in their approach). When I see PWP, I assume they will have no content or capability.
BuT ThE LeAgUe TaBleS GuYs
I’ll take my $450K Associate 1 comp over your dogshit 20K Jefferies bonus because the league tables bro!!
Plenty of firms who pay at or better than PWP (or SocGen PWP given the direction of travel) that aren’t a bunch of clowns. I also doubt they have the money to pay bonuses for much longer.
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