Perella Weinberg, Piper Sandler abandon merger talks, source says

By Abigail Summerville

Oct ‌14 (Reuters) - Investment ​bank ​Piper Sandler and advisory firm Perella Weinberg Partners have abandoned talks for an all-stock ‌merger as they could not agree on financial ⁠and personnel terms, a person familiar with the matter told ‌Reuters on Wednesday.

Shares of ‌Perella Weinberg closed 19.1% lower at $13, while those of Piper Sandler ended up 0.96% at $64.5.

Perella Weinberg declined ​to comment, while Piper Sandler did not immediately respond to a Reuters request for comment.

The ⁠Financial Times first reported on Wednesday that the merger talks fell through. ​The Wall Street Journal had reported last month that Piper Sandler was in talks ​to buy Perella Weinberg, which had ‌a market value of about $1.4 billion at the time.

A $485-million merger between Minneapolis-based Piper ⁠Jaffray and New York-based Sandler O'Neill led to the formation of Piper Sandler Companies in January 2020, creating ⁠a major investment bank specializing in the middle market, with leading ​advisory practices in financial services, healthcare and energy.

Meanwhile, Perella Weinberg was founded by veteran Wall Street bankers Joseph Perella, Peter ‌Weinberg and Terry Meguid in 2006. The firm went public in 2021 through ‌a merger with a blank-check company backed by ⁠banking entrepreneur Betsy Cohen, ‌in a deal ​valued at about $975 million.

(Reporting by Abigail Summerville and Pragyan Kalita in Bengaluru; Editing by Diti ‌Pujara)

---

Serious News for Serious Traders! Try StreetInsider.com Premium Free!

---

You May Also Be Interested In

• Perella Weinberg and Piper Sandler end merger talks - FT
• Russia's Lavrov, China's Wang discuss cooperation, Ukraine, Iran at Asia security meeting
• Anthropic revenue jumps to $16.8 billion in third quarter, FT reports