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International Strategy & Investment To Be Acquired by Evercore

As reported in The New York Times "Dealbook," Bloomberg and other media outlets, Evercore announced that it has entered into an agreement to acquire the operating business of Paul, Weiss client International Strategy & Investment, a leading independent research-driven equity sales and agency trading firm. Evercore will also acquire the approximately 40 percent interest in its Institutional Equities business not currently owned by the company.

Evercore will issue up to approximately 8 million share equivalents in the two transactions, with almost 70 percent of the share equivalent consideration dependent on the financial performance of the combined business over the five years following closing. The transactions are expected to close in the fourth quarter of 2014, subject to receiving regulatory approvals.

The combined business, which will be known as Evercore ISI Institutional Equities, will be one of the two leading independent equity research, sales and agency trading businesses in the U.S.

The Paul, Weiss team included corporate partners Toby Myerson, Steven Williams and Kenneth Schneider and counsel Philip Heimowitz and Jennifer Spiegel; tax partners David Sicular and Patrick Karsnitz; and employee benefits partner Robert Fleder and counsel Reuven Falik.

August 3, 2014

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