What happened
Shares of special purpose acquisition company (SPAC) FinTech Acquisition IV (FTIV) were up as much as 15% earlier today, before settling down to a gain of 5% as of 3:50 p.m. EST.
So what
Today, FinTech announced it plans to merge with global financial advisory firm Perella Weinberg Partners (PWP) to take the firm public in a deal valuing it at about $975 million.
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PWP is an independent advisory firm serving clients that include corporations, governments, institutions, private wealth funds, and private equity investors. The global firm was founded in 2006 and has offices across the U.S. as well as in Canada, Paris, Munich, and London.
Now what
The transaction is expected to close in the first half of 2021, and proceeds will first be used to repay outstanding debt. Highlighting the potential growth for PWP, FinTech chair Betsy Cohen said in a statement, "With the increasing complexity of today's business environment, we believe demand for trusted independent advice is poised for years of significant growth."
FinTech has also just created FinTech Acquisition V, bringing its next SPAC public in a $250 million IPO earlier this month.