PJT Partners, a US investment bank, said on Wednesday that it has agreed to acquire Dubai-based advisory firm deNovo Partners, known for high-profile deals, including Brookfield-led consortium’s investment in GEMS Education and an investment by T.J. Maxx’s owner in Dubai’s Brands for Less.
The acquisition, the value of which was not disclosed, marks the culmination of a four-year partnership between PJT and deNovo, established to provide advisory services to clients in the Middle East.
The deal will help PJT Partners expand its presence in the Middle East while giving it access to a client base comprising prominent businesses and government-related entities. It is expected to close next month, subject to regulatory approvals.
May Nasrallah, the founder and executive chair of deNovo, will continue in her role as part of the deal, the boutique advisory firm said in a statement.
“We are excited to join PJT Partners, a firm that shares our commitment to delivering the highest quality advice. Together, we will build upon this strong foundation by enhancing our capabilities and better serving clients globally,” said Nasrallah.
Since its inception in 2010, deNovo has advised on more than 100 transactions. The boutique now has a team of about 20 bankers, predominantly based in the Dubai International Financial Centre, and recently acquired a licence to operate in Saudi Arabia’s capital, Riyadh.
It has a broad range of clients around the globe, including corporations, government-related entities and investors.
The combination comes amid a surge in investment banking activity in the GCC region, with a flurry of outbound deals and initial public offerings in recent years.
Over the years, banks with global ambitions have sought to secure a foothold in the Middle East, where governments seeking to reduce their dependence on oil revenue are creating attractive investment opportunities.
Global advisory firms, including Rothschild & Co. and Moelis & Co., as well as Wall Street lenders such as Morgan Stanley and JP Morgan, have been adding staff or opening offices in Dubai, Abu Dhabi or Riyadh to grab a slice of that growing market.