Nov. 3, 2014, 11:20 AM
- Evercore (EVR -1.6%) boosts its research operation with the purchase of ISI - with Evercore's investment banking business now renamed Evercore ISI.
- The deal is expected to be accretive to EPS in 2015, and potentially meaningfully accretive in 2016 and beyond. Nevertheless, EVR has fallen and not been able to get up since the purchase was floated in late July.
- Source: Press release
Aug. 4, 2014, 10:46 AM
- After dropping sharply late Friday on a rumor of a deal, Evercore (EVR -3.3%) slides further on confirmation as the company will issue up to about 8M share equivalents to fund the purchase which is expected to close in Q4. Nearly 70% of the share consideration is dependent on the firm's future performance.
- According to the presentation slides, the deal is expected to be EPS accretive in 2015, with the potential to be meaningfully accretive in 2016 and beyond.
- Source: Press Release
- Previously: Evercore to acquire research-focused brokerage for up to $440M
Aug. 3, 2014, 10:52 AM
- Evercore Partners (NYSE:EVR) has agreed to acquire International Strategy & Investment Group (ISI), a research-focused brokerage. The former will pay up to 8M of its shares for the business, valuing ISI at more than $400M - based on Evercore’s stock price of $50.13.
- Evercore is only paying 30% of the total up front, with the remainder to be paid over five years if the business meets profitability targets.
- As part of the transaction, Evercore intends to merge ISI with its own institutional equities business, a separate subsidiary which is 40%-owned by employees. More than 90% of the payment will go to ISI, which is majority-owned by founder Ed Hyman.
- The deal is expected to be announced as soon as tomorrow.
Jan. 7, 2014, 3:53 AM
- Stabilization in Europe, greater cooperation in the U.S. Congress, positive impacts from tapering, and modest economic growth paint a positive picture for rising advisory fee pools in 2014, Susquehanna says.
- "We expect industry fees to grow 10%-15% off 2013 levels and believe independent firms will continue to gradually take fee share. We still believe Evercore Partners (EVR) is the most attractive of the three advisory firms. EVR looks to have the most momentum based on recent announced deal trends coming into 2014."
- Firm is positive on EVR with a $67 one-year target, and neutral on Greenhill (GHL) and Lazard (LAZ).
May. 6, 2011, 12:11 PMA "classic, cyclical upswing" means that dealmaking will rise to peak beyond even the record $4T in M&A from 2007, says Evercore (EVR) founder Roger Altman. Takeover cycles "tend to last five to seven years, and we are two years into it." The $5B in deals YTD is almost double the total from a year ago. | Comment!
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