Blackstone has completed its previously announced spin-off of financial advisory firm PJT Partners. Led by Paul J. Taubman, PJT Partners began trading Thursday on the New York Stock Exchange under the ticker symbol ““PJT.
NEW YORK–(BUSINESS WIRE)–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.
“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.”
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.