Piper Sandler Companies (NYSE:PIPR) stock fell nearly 9% Tuesday after a report said the investment bank is considering an acquisition of advisory and asset management firm Perella Weinberg Partners (NASDAQ:PWP).
Perella Weinberg shares jumped about 12% following the report.
Piper Sandler could finalize a proposal soon, although no deal has been reached, The Wall Street Journal reported, citing people familiar with the matter.
Deal Would Combine Two Advisory Firms
Piper Sandler is a global investment bank and institutional securities firm with more than 60 offices worldwide.
The company reported second-quarter revenue of $495.5 million, up 25% from a year earlier. The increase reflected stronger M&A activity, growth in private capital advisory and contributions from its financing and equity brokerage businesses.
Perella Weinberg is a global advisory-focused investment bank with nearly 70 advisory partners across 12 offices.
It reported second-quarter revenue of $156.5 million, up 1% year over year. Higher fee-paying client activity and greater M&A contributions helped offset weaker financing and capital solutions activity.
As of June 30, Piper Sandler held $304.2 million in cash and cash equivalents.
Perella Weinberg reported $115.8 million in cash and cash equivalents and no outstanding debt.
According to Benzinga Pro, Piper Sandler had a market capitalization of about $4.8 billion at Monday’s close. Perella Weinberg was valued at roughly $1.1 billion.
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M&A Activity Remains Strong
The potential deal comes as global M&A activity continues to rise.
Dealogic said U.S. M&A volume has increased 33% so far in 2026 from a year earlier. U.S. deal value reached $2.1 trillion, accounting for a significant share of the $4.21 trillion in global M&A activity.
Christopher Sur, global financial services deals leader at PwC Germany, said megadeals remain a major part of financial services M&A. PwC expects them to account for about half of total deal value in 2026.
Sur also said dealmakers have become more selective amid geopolitical and macroeconomic uncertainty. However, firms continue to pursue scale and technology-driven transformation.
A combination of Piper Sandler and Perella Weinberg could expand their advisory capabilities and client reach as dealmaking activity strengthens.
Perella Weinberg has also expanded through acquisitions. The firm acquired Gleacher Shacklock in 2026 and Devon Park Advisors in 2025. It also acquired Tudor, Pickering, Holt & Co. in 2016, according to The Wall Street Journal.
Price Action: Perella Weinberg shares were up 11.75% at $16.36, and Piper Sandler shares were down 7.71% at $66.16 at the time of publication on Tuesday, according to Benzinga Pro data.
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