PJT's latest M&A mandate takes it past $20bn for 2016


The latest mandate win catapults the firm, led by famed dealmaker Paul Taubman, into the top 50 of global M&A advisers for the year to date with $ 20.3 billion of deals, according to Dealogic.

This firm has advised on 26 announced deals worth a combined $ 23.9 billion since it merged with Blackstone Group’s advisory business last October.

TPG Capital announced on August 15 that it had agreed to buy RCN Telecom Services for $ 1.6 billion and Grande Communications Networks for $ 650 million. The firm will merge the businesses, both of which were sold by private equity firm Abry Partners. PJT Partners and UBS advised TPG, while Credit Suisse advised the seller and targets.

It is the latest in a series of deal roles for PJT this summer. Since the start of June it has advised on deals worth a total of nearly $ 15 billion.

Those mandates included advising Yahoo on the $ 4.8 billion sale of its operating business to Verizon Communications; working with Verizon itself when it agreed to pay $ 2.4 billion for Ireland-based GPS fleet-tracking firm Fleetmatics; and advising Lions Gate Entertainment on a $ 4.4 billion takeover of cable channel Starz.

The firm is now ahead of independent rivals including LionTree Advisors, Houlihan Lokey and Greenhill, although it still lags Perella Weinberg Partners and Moelis & Co.

For rankings since June 1, it is also ahead of the likes of HSBC and Nomura.

Taubman told FN: ““While volumes in 2016 are trending lower than in 2015, we remain optimistic about the long-term outlook for M&A. While macroeconomic, regulatory and political issues are clearly impacting M&A, these market dynamics have led clients to seek high-quality, differentiated advice which plays to our strengths. We are confident in our strategy as we build a franchise that can gain market share and grow in any environment.”

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