As per the agreement, Evercore will pay approximately £86m in cash and Evercore shares.
Established in 2000, Lexicon Partners provides strategic investment banking advisory services to large and midsize corporations, principally in the financial services, utilities and infrastructure, and energy sectors.
Lexicon currently has 100 partners and employees operating from offices in London, Hong Kong, New York and Aberdeen. Evercore and Lexicon plan to merge their operations upon closing.
Andrew Sibbald, the Senior Partner of Lexicon, will serve as CEO of Evercore’s European Advisory business and Bernard Taylor, currently Evercore’s chairman and CEO in Europe, will continue as the chairman of the European business.
On a combined basis, Evercore’s European investment banking business will have approximately 75 bankers, including 13 senior managing directors.
The transaction is expected to close in the third quarter of 2011, upon receipt of required regulatory approvals.
Evercore president and CEO Ralph Schlosstein said this transaction significantly strengthens the company’s presence in Europe and expands its industry capabilities in three key sectors.
"Lexicon has built a team of exceptional professionals led by seasoned partners and senior advisors. We welcome the entire Lexicon team to the Evercore partnership," Schlosstein added.
