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PJT Partners Enters into Agreement to Acquire deNovo Partners

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PJT Partners Inc. (NYSE: PJT) has announced an agreement to acquire deNovo Partners, a leading advisory firm focused on the Middle East and headquartered in Dubai. This acquisition builds upon their successful strategic alliance established in 2020. deNovo, founded in 2010 by May Nasrallah, has a team of over 20 professionals and has advised on more than 100 transactions, including the region's two largest private sector M&A deals this year.

The acquisition aims to strengthen PJT's presence in the Middle East and enhance its ability to serve both regional and international clients. May Nasrallah will continue her leadership role in the Middle East while joining PJT Partners' senior team. The transaction is expected to close in October 2024, subject to regulatory approvals and customary conditions.

PJT Partners Inc. (NYSE: PJT) ha annunciato un accordo per acquisire deNovo Partners, una delle principali società di consulenza focalizzate sul Medio Oriente e con sede a Dubai. Questa acquisizione si basa sull’alleanza strategica di successo stabilita nel 2020. deNovo, fondata nel 2010 da May Nasrallah, conta oltre 20 professionisti e ha consigliato più di 100 transazioni, inclusi i due più grandi affari di M&A del settore privato della regione di quest’anno.

L’acquisizione mira a rafforzare la presenza di PJT nel Medio Oriente e migliorare la sua capacità di servire sia i clienti regionali che internazionali. May Nasrallah continuerà a ricoprire il suo ruolo di leadership nel Medio Oriente mentre si unirà al team senior di PJT Partners. Si prevede che la transazione si chiuda nell'ottobre 2024, soggetta ad approvazioni regolamentari e condizioni consuete.

PJT Partners Inc. (NYSE: PJT) ha anunciado un acuerdo para adquirir deNovo Partners, una destacada firma de asesoría centrada en el Medio Oriente y con sede en Dubái. Esta adquisición se basa en su exitosa alianza estratégica establecida en 2020. deNovo, fundada en 2010 por May Nasrallah, cuenta con un equipo de más de 20 profesionales y ha asesorado en más de 100 transacciones, incluyendo los dos mayores acuerdos de M&A del sector privado de la región este año.

La adquisición tiene como objetivo fortalecer la presencia de PJT en el Medio Oriente y mejorar su capacidad para servir a clientes tanto regionales como internacionales. May Nasrallah continuará su papel de liderazgo en el Medio Oriente mientras se une al equipo directivo de PJT Partners. Se espera que la transacción se cierre en octubre de 2024, sujeta a aprobaciones regulatorias y condiciones habituales.

PJT Partners Inc. (NYSE: PJT)는 두바이에 본사를 두고 중동에 집중하는 선도적인 자문회사인 deNovo Partners인수하기로 합의했다. 이 인수는 2020년에 맺어진 성공적인 전략적 제휴를 바탕으로 하고 있다. 2010년 May Nasrallah에 의해 설립된 deNovo는 20명 이상의 전문가로 구성된 팀을 보유하고 있으며, 올해 지역에서 가장 큰 두 건의 민간 부문 M&A 거래를 포함해 100건 이상의 거래에 대해 자문을 제공했다.

이번 인수는 PJT의 중동 내 입지를 강화하기 위한 것이며, 지역 및 국제 고객에게 서비스를 제공하는 능력을 향상시키기 위한 것이다. May Nasrallah는 PJT Partners의 고위 팀에 합류하면서 중동에서의 리더십 역할을 계속할 것이다. 거래는 규제 승인 및 통상적인 조건에 따라 2024년 10월에 마감될 것으로 예상된다.

PJT Partners Inc. (NYSE: PJT) a annoncé un accord pour acquérir deNovo Partners, un cabinet de conseil leader axé sur le Moyen-Orient et basé à Dubaï. Cette acquisition s'appuie sur leur alliance stratégique réussie établie en 2020. deNovo, fondée en 2010 par May Nasrallah, compte plus de 20 professionnels et a conseillé plus de 100 transactions, y compris les deux plus grandes opérations de M&A du secteur privé de la région cette année.

L'acquisition vise à renforcer la présence de PJT au Moyen-Orient et à améliorer sa capacité à servir à la fois des clients régionaux et internationaux. May Nasrallah continuera son rôle de leader au Moyen-Orient tout en rejoignant l'équipe de direction de PJT Partners. La transaction devrait se clôturer en octobre 2024, sous réserve d'approbations réglementaires et de conditions habituelles.

PJT Partners Inc. (NYSE: PJT) hat eine Vereinbarung bekannt gegeben, deNovo Partners, eine führende Beratungsgesellschaft mit Sitz in Dubai, die sich auf den Nahen Osten konzentriert, zu erwerben. Diese Akquisition basiert auf ihrer erfolgreichen strategischen Partnerschaft, die 2020 gegründet wurde. deNovo, 2010 von May Nasrallah gegründet, verfügt über ein Team von mehr als 20 Fachleuten und hat in mehr als 100 Transaktionen beraten, darunter die beiden größten M&A-Deals des privaten Sektors in der Region in diesem Jahr.

Mit der Akquisition soll PJTs Präsenz im Nahen Osten gestärkt werden und die Fähigkeit verbessert werden, sowohl regionale als auch internationale Kunden zu bedienen. May Nasrallah wird ihre Führungsrolle im Nahen Osten fortsetzen, während sie dem Senior-Team von PJT Partners beitritt. Der Abschluss der Transaktion wird im Oktober 2024 erwartet und unterliegt regulatorischen Genehmigungen und üblichen Bedingungen.

Positive
  • Acquisition of deNovo Partners strengthens PJT's presence in the Middle East
  • deNovo has advised on over 100 transactions, including the region's two largest private sector M&A deals this year
  • Expansion of global footprint and enhanced capabilities to serve international clients
  • Retention of key leadership with May Nasrallah continuing her role and joining PJT's senior team
Negative
  • Transaction is subject to regulatory approvals and customary conditions
  • Acquisition not expected to close until October 2024, potentially delaying integration benefits

Insights

PJT Partners' acquisition of deNovo Partners marks a strategic expansion into the Middle East market. This move is likely to enhance PJT's revenue streams and diversify its geographical presence. With deNovo's track record of advising on over 100 transactions, including the region's two largest private sector M&A deals this year, PJT stands to gain significant market share in a rapidly growing economic region.

The integration of deNovo's 20+ professionals into PJT's team should boost operational capacity and local expertise, potentially leading to increased deal flow and higher transaction values. However, investors should monitor the integration process and any potential cultural challenges that may arise from this cross-border acquisition.

The Middle East market presents a lucrative opportunity for financial advisory services, given the region's economic diversification efforts and increasing M&A activity. PJT's acquisition of deNovo is a timely move to capitalize on this trend. The deal should provide PJT with a competitive edge in securing mandates from both local and international clients with interests in the region.

Investors should note the potential for cross-selling opportunities between PJT's global network and deNovo's regional clients. This could lead to synergistic growth in the medium to long term. However, the geopolitical risks inherent in the Middle East market should be factored into any valuation adjustments for PJT stock.

The acquisition agreement between PJT Partners and deNovo Partners appears to be well-structured, with clear leadership continuity plans. May Nasrallah's continued involvement in a senior role should ensure a smooth transition and retention of key client relationships. However, investors should be aware that the deal is subject to regulatory approvals, which introduces some uncertainty.

The expected closing date of October 2024 suggests a lengthy regulatory review process, which is not uncommon for cross-border financial services acquisitions. This extended timeline may provide opportunities for competitors to react or for market conditions to change. Shareholders should monitor any regulatory hurdles or changes in deal terms that may emerge during this period.

Transaction Strengthens PJT’s Presence in the Middle East

NEW YORK--(BUSINESS WIRE)-- PJT Partners Inc. (the “Company” or “PJT Partners”) (NYSE: PJT) announced today that it has entered into an agreement to acquire deNovo Partners (“deNovo”), a leading advisory firm focused on the Middle East and headquartered in Dubai. This acquisition builds upon the highly successful strategic alliance PJT Partners and deNovo entered into in 2020.

Founded in 2010 by May Nasrallah, deNovo’s team of more than 20 professionals provides financial advisory services to clients in the Middle East. Since inception, deNovo has advised on more than 100 transactions, including the region’s two largest private sector M&A transactions this year. deNovo has a broad range of clients around the globe including corporates, government-related entities, and investors.

“We are pleased to welcome the deNovo team to PJT Partners as we continue to expand our global footprint. We look forward to building upon our strong partnership to better serve clients in the Middle East as well as international clients with business interests in the region,” said Paul J. Taubman, Chairman and Chief Executive Officer of PJT Partners.

“We are excited to join PJT Partners, a firm that shares our commitment to delivering the highest quality advice. We look forward to joining forces with this leading advisory firm,” said May Nasrallah, Founder and Executive Chairwoman of deNovo. “I have worked closely with the PJT leadership team for decades and have a deep admiration for the world-class platform they have established in such a short period of time. Together, we will build upon this strong foundation by enhancing our capabilities and better serving clients globally.”

May Nasrallah will continue her existing leadership role in the Middle East, including covering the firm’s important clients in the region, while also becoming a key part of PJT Partners’ senior team as the firm expands internationally. The transaction is subject to regulatory approvals and other customary conditions and is expected to close in October 2024.

About PJT Partners

PJT Partners is a premier, global, advisory-focused investment bank that was built from the ground up to be different. Our highly experienced, collaborative teams provide independent advice coupled with old-world, high-touch client service. This ethos has allowed us to attract some of the very best talent in the markets in which we operate. We deliver leading advice to many of the world's most consequential companies, effect some of the most transformative transactions and restructurings and raise billions of dollars of capital around the globe to support startups and more established companies. To learn more about PJT Partners, please visit our website at www.pjtpartners.com.

About deNovo Partners

Established in 2010 by a team of highly experienced Investment Banking professionals led by May Nasrallah, deNovo is one of the Middle East’s preeminent corporate finance advisory firms. The firm provides a broad range of financial advisory services including mergers and acquisitions, capital markets, and corporate finance. With a proven track record of successful transactions, deNovo established itself as a world-class trusted conflict-free advisor on highly complicated, sensitive transactions. With clients spanning regional and international corporations, family businesses, government related entities, and sovereign wealth funds, deNovo has become one of the largest and most established home-grown advisory firms in the region. To learn more about deNovo, please visit deNovo’s website at www.denovopartners.com.

Forward-Looking Statements

Certain material presented herein contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). Forward-looking statements include certain information concerning future results of operations, business strategies, acquisitions, financing plans, competitive position, potential growth opportunities, potential operating performance improvements, the effects of competition and the effects of future legislation or regulations. Forward-looking statements include all statements that are not historical facts and can be identified by the use of forward-looking terminology such as the words “believe,” “expect,” “opportunity,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “might,” “should,” “could” or the negative of these terms or similar expressions.

Forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are based only on our current beliefs, expectations and assumptions regarding the future of our business, future plans and strategies, projections, anticipated events and trends, the economy and other future conditions. Because forward-looking statements relate to the future, they are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict, many of which are outside our control. Our actual results and financial condition may differ materially from those indicated in the forward-looking statements. Therefore, you should not place undue reliance upon any of these forward-looking statements. Important factors that could cause our actual results and financial condition to differ materially from those indicated in the forward-looking statements include, among others, the following: (a) changes in governmental regulations and policies; (b) cyber attacks, security vulnerabilities and internet disruptions, including breaches of data security and privacy leaks, data loss and business interruptions; (c) failures of our computer systems or communication systems, including as a result of a catastrophic event and the use of remote work environments and virtual platforms; (d) the impact of catastrophic events, including business disruptions, pandemics, reductions in employment and an increase in business failures on (1) the U.S. and the global economy and (2) our employees and our ability to provide services to our clients and respond to their needs; (e) the failure of third-party service providers to perform their functions; and (f) volatility in the political and economic environment, including as a result of inflation, elevated interest rates and geopolitical and military conflicts.

Any of these factors, as well as such other factors discussed in the “Risk Factors” section of the Company’s Annual Report on Form 10-K for the year ended December 31, 2023, filed with the United States Securities and Exchange Commission (“SEC”), as such factors may be updated from time to time in the Company’s periodic filings with the SEC, accessible on the SEC’s website at www.sec.gov, could cause the Company’s results to differ materially from those expressed in forward-looking statements. There may be other risks and uncertainties that the Company is unable to predict at this time or that are not currently expected to have a material adverse effect on its business. Any such risks could cause the Company’s results to differ materially from those expressed in forward-looking statements.

Media Relations:

Jon Keehner

Joele Frank, Wilkinson Brimmer Katcher

Tel: +1 212.355.4449

PJT-JF@joelefrank.com

Investor Relations:

Sharon Pearson

PJT Partners Inc.

Tel: +1 212.364.7120

pearson@pjtpartners.com

Source: PJT Partners Inc.

FAQ

What company is PJT Partners (NYSE: PJT) acquiring?

PJT Partners is acquiring deNovo Partners, a leading advisory firm focused on the Middle East and headquartered in Dubai.

How many transactions has deNovo Partners advised on since its inception?

Since its inception in 2010, deNovo Partners has advised on more than 100 transactions, including the region's two largest private sector M&A transactions this year.

When is the acquisition of deNovo Partners by PJT Partners (NYSE: PJT) expected to close?

The acquisition is expected to close in October 2024, subject to regulatory approvals and other customary conditions.

What role will May Nasrallah have after PJT Partners (NYSE: PJT) acquires deNovo Partners?

May Nasrallah will continue her existing leadership role in the Middle East, covering important clients in the region, while also becoming a key part of PJT Partners' senior team as the firm expands internationally.

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