What do you all think?
From NYT:
The boutique investment bank Perella Weinberg Partners is taking an ambitious step for growth by buying a fellow bank known for its expertise in the oil patch.The firm said on Monday that it was acquiring Tudor Pickering Holt & Company to greatly expand its expertise in energy transactions, at a time when independent advisory firms are battling to differentiate themselves.
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Another article: http://www.nytimes.com/2016/11/15/business/dealbook/perella-weinberg-se…
Charizard you beat me to it by 30 seconds. Hopefully mods can merge the threads...
I don't know much about PWP but I assume they don't have a strong energy focus so adding TPH gives them a solid energy IB to add and to leverage as the O&G market improves down the road. After the Simmons acquisition by Piper, TPH is probably the only other boutique/independent IB that makes sense and would be available for acquisition.
Not saying that TPH is the best but they are solid and do well in the E&P space so good move for all IMO.
think that NYT writer needs to re-read the press release. My understanding from the houston email chain is that it is a merger not acquisition ie no one is getting paid yet / no rebranding / etc. They are positioning for IPO of the combined entity down the line.
ThirdCoastBorn you're right. I re-read the announcement and press release and its a merger and not an acquisition.
TPH stock did get converted into PWP
What exactly happens in a merger? Do the current employee of TPH now work under a different company (PWP)?
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