Sept 18 (Reuters) - U.S. investment bank PJT Partners PJT.N known for steering high-profile companies like WeWork and LATAM Airlines through bankruptcies, has agreed to buy Dubai-based advisory firm deNovo Partners.
The deal, expected to close next month, will help PJT expand its presence in the Middle East and give it access to a client base comprising prominent businesses and government-related entities.
WHY IT'S IMPORTANT
The deal highlights the growing prominence of Dubai - which has attracted a number of companies and affluent individuals in recent years - as a global financial hub.
JPMorgan Chase JPM.N, the biggest U.S. bank, also established a private banking team in Dubai earlier this month.
Lenders 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.
The region also has some of the most active sovereign wealth funds, which investment banks could onboard as clients.
CONTEXT
The deal, the terms of which were 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.
PJT has been involved in some of the biggest bankruptcies in recent years and also advises corporations on mergers and acquisitions as well as fundraising.
The investment bank was founded by Paul Taubman, a Morgan Stanley MS.N veteran, and later merged with Blackstone Group's BX.N former advisory services businesses
Since its inception in 2010, deNovo has advised on more than 100 transactions, it said.
May Nasrallah, the founder and executive chair of deNovo, will continue in her role.
(Reporting by Niket Nishant in Bengaluru; Editing by Tasim Zahid)