The following excerpt is from the company's
PJT Partners Begins Operations as a Publicly Traded Company
Blackstone (NYSE:BX) and PJT Partners Inc. (NYSE: PJT) today announced the successful completion of the previously announced spin-off of Blackstones financial and strategic advisory services, restructuring and reorganization advisory services and Park Hill Group businesses, which have been combined with PJT Capital LP, a global independent financial advisory firm founded by Paul J. Taubman, to form an independent, publicly traded company called PJT Partners Inc (PJT Partners). Blackstone common unitholders of r ecord as of the close of business on September 22, 2015 (the record date) received one share of Class A common stock of PJT Partners for every 40 common units of Blackstone held on the record date. The spin-off has been structured to be tax-free to Blackstones common unitholders for U.S. Federal income tax purposes, except to the extent of any gain or loss recognized by a common unitholder as a result of any cash received in lieu of fractional shares. Common unitholders are urged to consult their tax advisors with respect to U.S. federal, state, local and non-U.S. tax consequences of the spin-off.
Regular way trading of shares of Class A common stock of PJT Partners Inc. begins today on the New York Stock Exchange under the ticker symbol PJT. Blackstone common units continue to trade on the New York Stock Exchange under the ticker symbol BX.
PJT Partners begins operations today as a global independent financial advisory firm. With a veteran team of professionals, including 46 partners, the firm is poised to deliver a wide array of strategic advisory, restructuring and reorganization and funds advisory services to corporations, financial sponsors, institutional investors and governments.
Stephen A. Schwarzman, Chairman, CEO and Co-Founder of Blackstone, said, 30 years ago, Blackstone was founded as an advisory firm. We have every confidence that under Pauls leadership, PJT Partners will quickly build upon its strong track record to further strengthen its position as one of the preeminent strategic financial advisory firms in the world. We look forward to working...