Blackstone (BX) filed a regulatory filing last week for its advisory spinoff named PJT Partners. PJT Partners will include virtually all of Blackstone’s advisory operations, though Blackstone will still be able to provide capital markets services to its own portfolio companies. The advisory businesses include three segments: mergers and acquisitions, restructuring and reorganization and the group known as Park Hill that helps private equity funds, real estate funds and other funds raise capital.
The 150-page filing did not specify the timing of the merger between Mr. Taubman’s shop and the Blackstone businesses, though it is expected to occur in H2 2015. Following that, the combined firm will be spun off to Blackstone shareholders. Blackstone has said its shareholders will initially own 65 percent of the new firm, while the firm’s employees will own the balance. Source
