Evercore Partners To Acquire Stake In Atalanta Sosnoff
Evercore Partners, an independent investment banking advisory firm, has signed an agreement to acquire an interest in New York-based Atalanta Sosnoff Capital, an independent investment advisor.
Under the terms of the purchase agreement and upon receipt of required consents, Evercore will pay approximately $69m in cash for a 49% economic interest in the company.
Following closure of the transaction Atalanta’s management team will own 51% of the company which will be governed by Martin Sosnoff, CEO, Craig Steinberg, president and three Evercore designees. However, Atalanta’s investment processes and day-to-day operations will remain unchanged.
Ralph Schlosstein, president and CEO of Evercore, said: “We are excited to partner with Atalanta Sosnoff, an asset manager with an outstanding long-term track record, significant scale and a high quality team of professionals. Consistent with our financial discipline, the transaction is expected to be immediately accretive to earnings.”
Mr Sosnoff said: “Evercore will be a valued institutional partner as we continue to grow and broaden our capacity to serve our clients.”
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