Paul Taubman's PJT Partners Advising Verizon on $2.4 Billion Acquisition
02 Agosto 2016 - 10:50AM
Noticias Dow Jones
By Lucy Burton
Bankers at PJT Partners are advising Verizon Communications Inc.
on a multibillion-dollar acquisition, marking the first
high-profile transaction out of London for the U.S. boutique run by
veteran M&A banker Paul Taubman since it opened the doors of a
Mayfair office last year.
Verizon's $2.4 billion agreed bid for Irish-headquartered but
New York-listed GPS vehicle-tracking firm Fleetmatics is a win for
PJT's founder Mr. Taubman, who after leaving Morgan Stanley in 2012
advised Verizon on its $130 billion acquisition of Vodafone's stake
in Verizon Wireless in 2013. Mr. Taubman worked independently
before he set up PJT in 2013. PJT later merged with Blackstone
Group LP's spun-off advisory business in October 2014.
While the ties between company and adviser have remained close,
the latest takeover by Verizon is the first time PJT's London team
have grabbed an official slice of the action on a public M&A
deal since the office opened in October 2015, a person familiar
with the matter said.
The acquisition, announced on Aug. 1, comes as PJT bankers in
the U.S. continue to work on Verizon's deal to buy Yahoo Inc.'s Web
assets for $4.8 billion in cash . That deal was announced on July
25, and PJT, rather than working for Verizon, has been working with
Goldman Sachs Group Inc. and J.P. Morgan Chase & Co. for Yahoo
on the firm's strategic options since May.
Along with PJT bankers from San Francisco and New York,
London-based partner Basil Geoghegan, a former managing director at
Goldman Sachs, Deutsche Bank AG and, most recently, Citigroup Inc.,
is listed as one of Verizon's advisers in a regulatory statement
announcing the Fleetmatics deal. He is working alongside fellow
London-based adviser Owain Parry, who also joined PJT from Citi in
2015.
Wells Fargo & Co., which agreed to buy a new London
headquarters building following the U.K.'s vote to leave the
European Union on June 24, also has two of its London-based bankers
acting for Verizon on the deal, according to the regulatory
filing--Sam Small and Calvin Tarlton. The pair are working
alongside three New York bankers.
For Fleetmatics, which is taking advice from Morgan Stanley,
Colm Donlon, the bank's head of M&A in Europe, the Middle East
and Africa, is among the advisers on the ticket, alongside former
FN Rising Star David Kitterick. Other named bankers are Pedra
Costa, Brett Klein and Anatoliy Gliberman.
(END) Dow Jones Newswires
August 02, 2016 11:35 ET (15:35 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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