Perella Weinberg Partners to merge with FinTech IV in $975m deal

Perella Weinberg Partners (PWP), a US-based independent advisory firm, has agreed to merge with FinTech Acquisition Corp. IV (FinTech IV), a special purpose acquisition company, in a deal worth around $975 million.

The deal will enable the financial services company to become a publicly-traded company with a listing on NASDAQ under the PWP symbol.

Established in 2006 by Joseph R. Perella, Terry Meguid, and Peter Weinberg, Perella Weinberg Partners offers strategic and financial advice across the world. Its clients include corporations, governments, institutions, private equity investors, and sovereign wealth funds.

Perella Weinberg Partners is engaged in providing a variety of advisory services to clients across the most active industry sectors and global markets.

The advisory firm has nearly 560 employees with offices across New York, Houston, London, Denver, San Francisco, Calgary, Chicago, Los Angeles, Paris, and Munich.

Betsy Cohen – FinTech IV Chairman of the Board of Directors said: “Over the past 15 years PWP has built a differentiated global brand in the independent advisory space. With the increasing complexity of today’s business environment, we believe demand for trusted independent advice is poised for years of significant growth.

“We believe PWP is well positioned to capitalize on this opportunity and has the expertise, the culture, the strategy, the brand and the alignment to realize continued growth into the future.”

As per the parties, the consideration’s cash component will be covered by FinTech IV’s $230 million cash in trust and also a fully committed private placement of $125 million in public equity at $10.00 per share from multiple strategic and institutional investors, that will concurrently close with the business combination.

The investors include Fidelity Management & Research Company, Wellington Management, and Korea Investment & Securities.

Existing equity holders of Perella Weinberg Partners, including its present working partners and employees, will remain the largest investors by injecting considerable equity into the combined firm, with working partners and employees holding nearly 50% ownership immediately after the closing of the deal.

Peter Weinberg – Perella Weinberg Partners CEO said: “PWP has a proven track record of building an advisory firm centered on providing trusted, independent advice. We reached this milestone thanks to the trust and support of our clients over the years and the tireless efforts of all our employees who make PWP a truly unique place to work and a recognized leader in advisory services.

“As a publicly listed company, we will continue to invest in growing our advisory footprint and capabilities, to expand our client network and broaden our advisory service offerings.”

The merger, which is subject to FinTech IV shareholders’ approval, regulatory approval, and meeting of other customary closing conditions, is likely to close in the first half of next year.