(Reuters) – Boutique investment bank Perella Weinberg Partners agreed on Wednesday to go public on a merger with a blanket check firm or special purpose vehicle (SPAC) backed by banking entrepreneur Betsy Cohen worth $ 975 million becomes.
Cohen's FinTech Acquisition Corporation IV, which raised $ 230 million through an IPO in September, will acquire Perella Weinberg in a deal that includes a $ 125 million commitment from investors such as Fidelity Management and Wellington Management.
The merged company will be listed on the Nasdaq under the symbol "PWP", the companies said in a statement. The transaction is expected to close in the first half of 2021, pending approvals.
Perella Weinberg has been part of some of the largest deals in the U.S. in recent years, including PepsiCo's (NASDAQ 🙂 acquisition of SodaStream for $ 3.2 billion and American International Group (NYSE) acquisition of the reinsurer in $ 5.56 billion worth of Validus Holdings.
The investment bank was founded in 2006 by veteran Wall Street bankers Joseph Perella, Peter Weinberg and Terry Meguid. Perella Weinberg had separately announced plans to go public for her blank check firm PWP Forward Acquisition Corp I, led by Stacia Schlosser Ryan.
SPACs raise funds on an IPO with the aim of buying a private company and have become hugely popular investment vehicles this year. The acquired company will then be listed on the stock exchange through the merger and is an alternative to the traditional IPO process.
According to SPAC Research, at least 208 SPACs have raised more than $ 70 billion so far this year.
In addition to Cohen, the founder of Jefferson Bank and Bancorp Inc, other prominent business women such as Joanna Coles have also published their SPACs.
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