PJT Partners Begins Operations as a Publicly Traded Company
Blackstone (NYSE:BX) and PJT Partners Inc. (NYSE:PJT) today announced
the successful completion of the previously announced spin-off of
Blackstone’s financial and strategic advisory services, restructuring
and reorganization advisory services and Park Hill Group businesses,
which have been combined with PJT Capital LP, a global independent
financial advisory firm founded by Paul J. Taubman, to form an
independent, publicly traded company called PJT Partners Inc (“PJT
Partners”). Blackstone common unitholders of record as of the close of
business on September 22, 2015 (the “record date”) received one share of
Class A common stock of PJT Partners for every 40 common units of
Blackstone held on the record date. The spin-off has been structured to
be tax-free to Blackstone’s common unitholders for U.S. Federal income
tax purposes, except to the extent of any gain or loss recognized by a
common unitholder as a result of any cash received in lieu of fractional
shares. Common unitholders are urged to consult their tax advisors with
respect to U.S. federal, state, local and non-U.S. tax consequences of
the spin-off.
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“Regular way” trading of shares of Class A common stock of PJT Partners
Inc. begins today on the New York Stock Exchange under the ticker symbol
“PJT.” Blackstone common units continue to trade on the New York Stock
Exchange under the ticker symbol “BX.”
PJT Partners begins operations today as a global independent financial
advisory firm. With a veteran team of professionals, including 46
partners, the firm is poised to deliver a wide array of strategic
advisory, restructuring and reorganization and funds advisory services
to corporations, financial sponsors, institutional investors and
governments.
Stephen A. Schwarzman, Chairman, CEO and Co-Founder of Blackstone, said,
“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.”
Added Paul J. Taubman, Chairman and CEO of PJT Partners, “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 is one of the world’s leading investment firms. We seek to
create positive economic impact and long-term value for our investors,
the companies we invest in, and the communities in which we work. We do
this by using extraordinary people and flexible capital to help
companies solve problems. Our asset management businesses, with over
$330 billion in assets under management, include investment vehicles
focused on private equity, real estate, public debt and equity,
non-investment grade credit, real assets and secondary funds, all on a
global basis. Further information is available at www.blackstone.com.
Follow Blackstone on Twitter @Blackstone.
About PJT Partners
PJT Partners is a global independent financial advisory firm. Our
veteran team of professionals, including our 46 partners, delivers a
wide array of strategic advisory, restructuring and reorganization and
fund placement and secondary advisory services to corporations,
financial sponsors, institutional investors and governments around the
world. We offer a balanced portfolio of advisory services designed to
help our clients realize major corporate milestones. We also provide,
through Park Hill Group, fund placement and secondary advisory services
for alternative investment managers, including private equity funds,
real estate funds and hedge funds.
To learn more about PJT Partners, please visit the company’s website at www.pjtpartners.com.
Under the Investor Relations section of the company’s website, you can
also find a copy of the Information Statement contained in the company’s
Form 10 Registration Statement, as filed with the Securities and
Exchange Commission on September 2, 2015, which contains detailed
business and financial information regarding PJT Partners.
Safe Harbor Statement
Certain material presented herein contains forward-looking statements
intended to qualify for the safe harbor from liability established by
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements include the information concerning Blackstone’s and PJT
Partners’ possible or assumed future results of operations, business
strategies, financing plans, competitive position, potential growth
opportunities, potential operating performance improvements, benefits
resulting from the separation of PJT Partners from Blackstone and its
combination with PJT Capital LP, 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,” “plan,” “intend,” “anticipate,” “estimate,”
“predict,” “potential,” “continue,” “may,” “might,” “should,” “could” or
the negative of these terms or similar expressions.
Forward-looking statements involve risks, uncertainties and assumptions.
Actual results may differ materially from those expressed in such
forward-looking statements. You should not put undue reliance on any
forward-looking statements contained herein. Neither Blackstone nor PJT
Partners has any intention or obligation to update forward-looking
statements.
The risk factors discussed in the “Risk Factors” section of Blackstone’s
Annual Report on Form 10-K for the year ended December 31, 2014 and in
PJT Partners’ Information Statement, as well as the other filings of
Blackstone and PJT Partners with the Securities and Exchange Commission,
could cause the results of Blackstone and PJT Partners to differ
materially from those expressed in forward-looking statements. There may
be other risks and uncertainties that Blackstone and PJT Partners are
unable to predict at this time or that are not currently expected to
have a material adverse effect on their business. Any such risks could
cause the results of Blackstone and PJT Partners to differ materially
from those expressed in forward-looking statements.
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