PJT Partners strengthens market presence in the Middle East with strategic acquisition of deNovo Partners

The US consulting firm PJT Partners, known for its expertise in deal-making, has announced a pivotal agreement to acquire the boutique firm deNovo Partners, which focuses on the Middle East. This move comes at a time when the Gulf region is receiving increased attention, marked by numerous capital investment opportunities. DeNovo Partners, based in Dubai and led by May Nasrallah, a former colleague of PJT CEO Paul Taubman at Morgan Stanley, will now become part of the New York-listed PJT Partners. The acquisition is still subject to regulatory approvals. Since 2020, the two firms have maintained a strategic alliance, which is now transitioning into a permanent partnership. Paul Taubman, one of the most experienced deal-makers on Wall Street, metaphorically commented on the acquisition: "We started dating four years ago, got along great, and realized we couldn't date forever. So we made it official and are now getting married." Nasrallah added: "You could call it a Catholic wedding. Most of the PJT leadership team has been my close friends for decades." The partnership, partly influenced by idealistic motives, also serves practical purposes: "The strategic alliance worked well, but clients appreciate knowing they are speaking with a firm partner and not outsiders," said Taubman. This union is intended to provide deNovo access to a global platform while simultaneously strengthening PJT Partners. Nasrallah, one of the most prominent deal-makers in the Middle East, reported a busy summer for her Dubai-based team. DeNovo exclusively advised on the sale of a $360 million stake in the retailer Brands For Less to US-based TJX Companies. Additionally, the firm advised on a $5 billion investment in the school chain GEMS Education, led by Brookfield. Regarding business operations in the region, Nasrallah remarked: "The deal-making here is busier than ever before. We have a multitude of transactions in our pipeline. The willingness for investments and mergers is enormous, and I couldn't be more excited for the region.