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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version on businesswire.com: http://www.businesswire.com/news/home/20151001005831/en/
MediaFor Blackstone:Peter Rose,
212-583-5871Rose@Blackstone.comorFor PJT Partners:Joele
Frank, Wilkinson Brimmer KatcherSteve Frankel / Jonathan Keehner /
Julie Oakes212-355-4449
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