Author Bio
Howard grew up in Philadelphia watching the Philly sports teams struggle for championships. He has been investing since 1989 and been a Fool since 2001. Prior to joining The Fool as a contract writer in 2019, Howard worked in the steel business as an engineer for 28 years. When he isn’t writing, he is usually out for a run, or relaxing to the music of the Grateful Dead.
What happened
Shares of special purpose acquisition company (SPAC)
FinTech Acquisition IV (NASDAQ:FTIV) were up as much as 15% earlier today, before settling down to a gain of 5% as of 3:50 p.m. EST.
Perella Weinberg Partners, a New York-based boutique investment bank, said Wednesday it is going public via a merger with special purpose acquisition corporation FinTech Acquisition Corp. FTIV,
-0.09% in a deal with an implied equity value of about $975 million. Once the deal closes, the company will operate as Perella Weinberg Partners and trade on Nasdaq under the new ticker symbol PWP. As a publicly listed company, we will continue to invest in growing our advisory footprint and capabilities, to expand our client network and broaden our advisory service offerings, Perella Chief Executive Peter Weinberg said in a statement. The SPAC, or blank-check company, is chaired by Betsy Cohen, a long-time financial entrepreneur who founded The Bancorp Inc. SPACS raise money by going public and then seeking a business or businesses to acquire. The deal is expected to close in the first half of 2021.
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Perella Weinberg Partners, FinTech IV Execute Business Combination Agreement
December 30, 2020, 08:33 AM
Perella Weinberg Partners (âPWPâ), a leading global independent advisory firm, and FinTech Acquisition Corp. IV, a special purpose acquisition company, have entered into a definitive business combination agreement. Upon closing of the transaction, the combined company (the âCompanyâ) will operate as Perella Weinberg Partners and will be listed on NASDAQ under the new symbol âPWP.â The transaction reflects an implied equity value for the Company of approximately $975 million.
Founded in 2006 by Joseph R. Perella, Peter Weinberg and Terry Meguid, PWP provides independent strategic and financial advice to a broad client base globally, including corporations, institutions, governments, sovereign wealth funds and private equity investors. The firm
Perella Weinberg to go public via US$975-million deal with Betsy Cohen s SPAC Toggle share menu
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REUTERS: Boutique investment bank Perella Weinberg Partners on Wednesday agreed to go public through a merger with a blank-check firm, or a special purpose acquisition company (SPAC), backed by banking entrepreneur Betsy Cohen in a deal valued at US$975 million.
Cohen s FinTech Acquisition Corporation IV, which had raised US$230 million in September through an initial public offering (IPO), will acquire Perella Weinberg in a deal that includes a commitment of US$125 million from investors such as Fidelity Management and Wellington Management.
Perella Weinberg Merges with Betsy Cohen’s SPAC
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Boutique investment bank
Perella Weinberg Partners has agreed to go public by combining with a blank-check company sponsored by finance entrepreneur
Betsy Cohen.
FinTech Acquisition Corp. IV, Cohen’s special purpose acquisition vehicle, will fund the purchase with its $230 million of cash and raise another $125 million through a private placement, according to a statement. The deal values the combined group at about $975 million.
“With the increasing complexity of today’s business environment, we believe demand for trusted independent advice is poised for years of significant growth,” Cohen said in the statement, which confirmed an earlier Bloomberg News report.