New York. The financial landscape witnessed a significant shift as Blackstone (NYSE:BX) and Pjt Partners Inc. (NYSE:PJT) announced the successful completion of the spin-off, officially launching PJT Partners as an independent, publicly traded entity. This strategic move combines Blackstone’s esteemed financial and strategic advisory services, restructuring and reorganization expertise, and the Park Hill Group businesses with PJT Capital LP, founded by the renowned Paul J. Taubman.
The spin-off, previously announced, reached its culmination with Blackstone common unitholders of record on September 22, 2015, receiving one share of Class A common stock of PJT Partners for every 40 Blackstone units held. This structure was designed to be tax-efficient for Blackstone’s common unitholders under U.S. Federal income tax regulations, excluding any potential gains or losses from cash received in lieu of fractional shares. It is advised that common unitholders consult with their tax advisors regarding the specific tax implications of this spin-off, both in the U.S. and internationally.
Trading under the ticker symbol “PJT” on the New York Stock Exchange, PJT Partners Class A common stock began “regular way” trading today. Concurrently, Blackstone common units continue to be traded on the NYSE under their existing ticker symbol “BX.” PJT Partners officially starts its journey today as a global independent financial advisory firm, bringing to the market a seasoned team of professionals, including 46 partners. The firm is strategically positioned to offer a comprehensive suite of services including strategic advisory, restructuring and reorganization counsel, and funds advisory to a diverse clientele encompassing corporations, financial sponsors, institutional investors, and governments worldwide.
Stephen A. Schwarzman, Chairman, CEO, and Co-Founder of Blackstone, reflected on the heritage of the new entity: “30 years ago, Blackstone was founded as an advisory firm. We have every confidence that under Paul’s leadership, PJT Partners will quickly build upon its strong track record to further strengthen its position as one of the preeminent strategic financial advisory firms in the world. We look forward to working with them as clients and continuing the relationships that we have had as colleagues.”
Paul J. Taubman, Chairman and CEO of PJT Partners, shared his enthusiasm for the future: “Today marks the culmination of this past year’s hard work and thoughtful planning, and I am extremely excited about the future of PJT Partners as a stand-alone public company. Combining the 30-year legacy of an established firm with the entrepreneurial culture of a start-up, PJT Partners brings together three best-in-class businesses – Advisory, Restructuring and Park Hill. As a next-generation, advisory-focused investment bank that is free of constraints, we are committed to providing our clients with unparalleled, strategic advice while creating long-term value for our shareholders.”
About Blackstone
Blackstone stands as a globally recognized investment firm with a mission to generate positive economic impact and long-term value for its investors, portfolio companies, and the communities it operates within. Leveraging exceptional talent and flexible capital, Blackstone aims to assist companies in overcoming complex challenges. With over $330 billion in assets under management, Blackstone’s diverse investment platform includes vehicles focused on private equity, real estate, public debt and equity, non-investment grade credit, real assets, and secondary funds, operating on a global scale. For deeper insights, please visit Blackstone’s website. Stay updated with Blackstone’s news by following them on Twitter @Blackstone.
About PJT Partners
PJT Partners operates as a global independent financial advisory firm. Its experienced team of professionals, including 46 partners, is dedicated to delivering a broad spectrum of strategic advisory, restructuring and reorganization, and fund placement and secondary advisory services. PJT Partners serves a wide array of clients, including corporations, financial sponsors, institutional investors, and governments across the globe. The firm’s balanced suite of advisory services is meticulously designed to support clients in achieving significant corporate milestones. Furthermore, through Park Hill Group, PJT Partners extends fund placement and secondary advisory services to alternative investment managers, encompassing private equity funds, real estate funds, and hedge funds.
To gain a more comprehensive understanding of PJT Partners, please explore the company’s website at PJT Partners’ website. Detailed business and financial information about PJT Partners can also be found within the Information Statement, accessible under the Investor Relations section of their website. This document is part of the company’s Form 10 Registration Statement, filed with the Securities and Exchange Commission on September 2, 2015.
Safe Harbor Statement
This announcement contains certain forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995, seeking to utilize the Act’s safe harbor provisions. These forward-looking statements relate to Blackstone’s and PJT Partners’ potential future operational results, business strategies, financing plans, competitive positioning, growth prospects, operational improvements, benefits expected from the PJT Partners spin-off and combination with PJT Capital LP, the impacts of competition, and anticipated effects of future legislation or regulations. Such statements are identifiable by forward-looking terminology including “believe,” “expect,” “plan,” “intend,” “anticipate,” “estimate,” “predict,” “potential,” “continue,” “may,” “might,” “should,” “could,” or similar expressions or their negatives, and encompass all statements not of historical fact.
These forward-looking statements are inherently subject to risks, uncertainties, and assumptions. Consequently, actual outcomes may materially differ from those projected in these statements. Investors are cautioned against placing undue reliance on these forward-looking statements. Neither Blackstone nor PJT Partners undertakes any obligation to revise or update these forward-looking statements.
Key risk factors that could cause actual results to diverge materially from forward-looking statements are detailed in the “Risk Factors” section of Blackstone’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014, and in PJT Partners’ Information Statement, along with other filings made by Blackstone and PJT Partners with the Securities and Exchange Commission. Unpredictable or currently unforeseen risks and uncertainties may also arise, potentially impacting business operations. Any such risks could cause the operational and financial results of Blackstone and PJT Partners to vary significantly from those indicated in forward-looking statements.
Media Contacts
For Blackstone:
Peter Rose
(212) 583-5871
[email protected]
For PJT Partners:
Steve Frankel / Jonathan Keehner / Julie Oakes
Joele Frank, Wilkinson Brimmer Katcher
(212) 355-4449
