Blackstone spins off financial advisory services

The spinout comprises Blackstone's financial and strategic advisory services, restructuring and reorganisation advisory services and its Park Hill fund placement business.

The divisions will merge with PJT; the newly created entity is set to become a public company. PJT founder Paul Taubman will be the independent company's CEO and chairman.

Initially, Blackstone's shareholders will hold a 65% stake in the new entity. The firm's advisory services employees plan to roll their Blackstone shares into the new business. The Blackstone employees, alongside Taubman and PJT's other partners, will own around 35% of the company after the spinout.

Blackstone is spinning out its advisory services divisions to allow them greater growth opportunities. The subsidiaries collectively generated around $380m in revenues for the year ending June 2014.

The transaction with PJT is expected to complete in 2015. Weil Gotshal & Manges is advising PJT, while Simpson Thacher & Bartlett is advising Blackstone.

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• Topics
• Advisory
• GPs
• Blackstone Group