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, +14.15% 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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