PJT Partners Inc (NYSE: PJT) said on Wednesday that it had entered into an agreement to buy deNovo Partners, a leading advisory firm based in Dubai.
The deal is expected to close in October.
Established in 2010 by May Nasrallah, deNovo provides financial advisory services to clientele in the Middle East.
”We are pleased to welcome the deNovo team to PJT Partners as we continue to expand our global footprint. We look forward to building upon our strong partnership to better serve clients in the Middle East as well as international clients with business interests in the region,” Paul J. Taubman, Chairman and Chief Executive Officer of PJT Partners, said in a press release.
”I have worked closely with the PJT leadership team for decades and have a deep admiration for the world-class platform they have established in such a short period of time. Together, we will build upon this strong foundation by enhancing our capabilities and better serving clients globally,” May Nasrallah, Founder and Executive Chair of deNovo, commented.
Stock Performance
The shares of PJT Partners Inc (PJT) closed 0.34% ($0.44) lower at $129.67 in New York on Wednesday, as they snapped a four-day streak of gains.
The company’s total market cap now stands at $5.114 billion.
The shares of PJT Partners Inc (PJT) went up 38.24% in 2023, compared with a 10.99% gain for the benchmark index, NYSE Composite (NYA).
The company’s shares have risen 27.29% so far this year.
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