Paul Taubman’s PJT Buys DeNovo to Cash In on Mideast Deals Boom

Bloomberg09-18 19:50

(Bloomberg) -- PJT Partners agreed to acquire Dubai-based advisory firm deNovo Partners, giving Paul Taubman’s investment bank a greater foothold in the Middle East amid a surge in regional dealmaking...

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Meantime, deNovo was founded in 2010 by May Nasrallah, who worked at the Wall Street Bank for 15 years and is regarded as one of the Middle East’s most seasoned dealmakers.She will continue leading the Middle East franchise, overseeing key regional clients and join PJT’s senior team.She later set up deNovo, and through the years built it into one of most prominent independent advisory firms in the Gulf. The boutique now has a team of about 20 bankers, predominantly based in Dubai’s financial center, and recently acquired a license to operate in Saudi Arabia’s capital Riyadh.","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"LU1720051017.SGD":"Allianz Global Artificial Intelligence AT Acc H2-SGD","LU0971096721.USD":"富达环球金融服务 A","LU1548497426.USD":"安联环球人工智能AT Acc","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","IE00BKVL7J92.USD":"Legg Mason ClearBridge - US Equity Sustainability Leaders A Acc USD","BK4581":"高盛持仓","LU1668664300.SGD":"Blackrock World Financials A2 SGD-H","BK4504":"桥水持仓","LU1720051108.HKD":"ALLIANZ GLOBAL ARTIFICIAL INTELLIGENCE \"AT\" (HKD) ACC","BK4127":"投资银行业与经纪业","LU2357305700.SGD":"Allianz Global Artificial Intelligence ET H2-SGD","LU1989772840.SGD":"CPR Invest - Climate Action A2 Acc SGD-H","LU0098860793.USD":"FRANKLIN INCOME \"A\" INC","LU1162221912.USD":"FRANKLIN INCOME \"A\" (USD) ACC","LU1989772923.USD":"CPR Invest - Climate Action A2 Acc USD-H","BK4585":"ETF&股票定投概念","BK4534":"瑞士信贷持仓","LU0267386448.USD":"FIDELITY FIRST ALL COUNTRY WORLD \"A\" (USD) INC","PJT":"Pjt Partners Inc","LU0320765646.SGD":"FTIF - Franklin Income A MDIS SGD-H1","IE00BZ1G4Q59.USD":"LEGG MASON CLEARBRIDGE US EQUITY SUSTAINABILITY LEADER \"A\"(USD) INC (A)","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","LU0106831901.USD":"贝莱德世界金融基金A2","LU0225283273.USD":"SCHRODER ISF GLOBAL EQUITY ALPHA \"A\" (USD) ACC","LU0314104364.USD":"MANULIFE GF AMERICAN GROWTH \"AA\" (USD) INC","BK4588":"碎股"},"translate_title":"Paul Taubman的PJT收购DeNovo以从中东交易热潮中获利","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"PJT":1},"content_text":"(Bloomberg) -- PJT Partners agreed to acquire Dubai-based advisory firm deNovo Partners, giving Paul Taubman’s investment bank a greater foothold in the Middle East amid a surge in regional dealmaking activity.\nThe deal brings together two Morgan Stanley alumni: Taubman set up PJT about a decade ago after 30 years at the firm. Meantime, deNovo was founded in 2010 by May Nasrallah, who worked at the Wall Street Bank for 15 years and is regarded as one of the Middle East’s most seasoned dealmakers. \nShe will continue leading the Middle East franchise, overseeing key regional clients and join PJT’s senior team. \nThe firms didn’t disclose financial details of the deal, which is subject to regulatory approvals and expected to close in October, according to a statement.\nThe move will allow New York-based PJT to expand its global footprint, working both with clients in the Middle East and those based elsewhere with business interests in the region, said Taubman, who is the firm’s chairman and chief executive officer.\nThe deal marks just the second acquisition for the US firm, which was spun off from Blackstone. PJT has been enjoying bumper revenue for its work helping struggling firms restructure in recent months. The investment bank has said it expects its restructuring activity to remain high and approach last year’s record.\nPJT and deNovo have previously collaborated on deals through a 2020 agreement, working with Middle East-based entities including sovereign funds, companies and family groups.\nNew from Bloomberg: Get the Mideast Money newsletter, a weekly look at the intersection of wealth and power in the region.\nThe combination comes amid a surge in investment banking activity in the Gulf. There’s been a flurry of outbound deals and initial public offerings in recent years, especially in Saudi Arabia and the United Arab Emirates, where governments are spending billions to diversify their economies and deepen capital markets.\nIn the first half of this year alone, Middle Eastern sovereign wealth funds accounted for more than half the value of all deals done by global state-backed investors, according to consultancy Global SWF.\nGlobal advisory firms including Rothschild & Co. and Moelis & Co. have been adding staff or opening offices in Abu Dhabi or Riyadh to grab a slice of that growing market. Their expansion coincides with the arrival of hedge funds, private equity firms and asset managers in the UAE, attracted by the ease of doing business and the presence of deep-pocketed sovereign funds.\nNasrallah was previously the head of Morgan Stanley’s investment bank in the region and helped establish its Dubai office. \nShe later set up deNovo, and through the years built it into one of most prominent independent advisory firms in the Gulf. The boutique now has a team of about 20 bankers, predominantly based in Dubai’s financial center, and recently acquired a license to operate in Saudi Arabia’s capital Riyadh.\nThe firm has already advised on several high-profile deals this year — a multi-billion agreement involving one of the world’s largest school operators, GEMS Education, and an investment by T.J. Maxx’s owner in Dubai’s Brands for Less. \n©2024 Bloomberg L.P.","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.26.4","shortVersion":"4.26.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2468884195"}