- Perella seeks energy expertise as oil rout fuels restructuring
- Bobby Tudor, Peter Weinberg worked together at Goldman Sachs
Perella Weinberg Partners, the investment bank founded by veteran dealmakers Joe Perella and Peter Weinberg, is considering a tie-up with Tudor Pickering Holt & Co. in a push into the energy sector, according to people familiar with the discussions.
Perella Weinberg held talks with Houston-based Tudor Pickering, and the two could also consider a joint venture, said the people, asking not to be identified because the discussions are private. No decision has been made and the firms may opt against a deal, the people said.
Tudor Pickering focuses on an energy sector that’s been rattled by low fuel prices, prompting companies increasingly to seek debt and restructuring advice. Firms including Lazard Ltd. have added staff to help clients manage the rout, which may help takeover advisers offset a dimmer outlook for large-scale mergers and acquisitions amid volatile global markets.
Perella Weinberg is the No. 25 merger adviser this year on announced deals worldwide, according to data compiled by Bloomberg. It worked with Deutsche Boerse AG on its proposed takeover of London Stock Exchange Group Plc for $13.8 billion, as well as the German company’s planned sale of an options business to Nasdaq Inc.
A spokeswoman for New York-based Perella Weinberg declined to comment. A representative for Tudor Pickering didn’t immediately respond to requests for comment. The merger discussions were reported earlier by Fox Business Network.
Perella Weinberg had about 450 employees as of December, according to a press release. The New York-based firm was founded a decade ago by Perella, a former Morgan Stanley vice chairman, and Weinberg, who was previously head of Goldman Sachs Group Inc.’s European business and a member of the management committee.
Their firm has hired bankers since last year to boost its advice on takeovers and restructurings. It has an asset-management business that oversees about $8.9 billion, according to its website.
Tudor Pickering has sales, trading and research divisions, and a money manager that handles more than $1.5 billion of assets. It has about 175 employees, according to a company press release in December, with offices in Calgary, Denver, London and New York.
Bobby Tudor, the chief executive officer, created Tudor Capital Partners after working as a partner at New York-based Goldman Sachs with Weinberg. He merged his firm with Pickering Energy Partners Inc., founded by Dan Pickering, in 2007. Tudor maintained ties with Goldman alumni by hiring them for his firm and attracting investments. Byron Trott’s BDT Capital Partners invested in the energy-focused investment bank in 2011.