Piper Sandler holds talks to buy Perella Weinberg, reportedly
PIPR•Piper Sandler has held talks to buy Perella Weinberg Partners, whose market capitalization is $1.4 billion. The deal could soon be finalized, but negotiations are not final and could fall apart.
1. Talks remain uncertain
Piper Sandler has been in talks to buy advisory firm Perella Weinberg Partners, and the deal could soon be finalized. The negotiations are not final and could fall apart. Piper Sandler did not immediately respond to a request for comment, while Perella Weinberg declined to respond.
2. Shares move on report
Piper Sandler shares fell about 5%, while Perella Weinberg shares jumped more than 15%. Piper Sandler has a market capitalization of a little over $5 billion, while Perella Weinberg's is $1.4 billion.
3. Banking outlook mixed
The reported talks come as dealmaking recovery across major lenders remains uneven. Bank of America anticipates a drop of more than 10% in third-quarter investment banking fees, while JPMorgan Chase forecast solid growth in its division. Jefferies reported third-quarter investment banking revenue up 17% year on year.
