View source for Evercore

{{short description|American financial services company}}
{{Infobox company
| logo = Evercore logo.svg
| image = Racquet and Tennis Club & Park Avenue Plaza.JPG
| image_size = 200px
| image_caption = Headquarters at [[Park Avenue Plaza]]
| name = Evercore Inc.
| former_name = Evercore Partners Inc. (1995–2017)
| type = [[Public company|Public]]
| traded_as = {{Unbulleted list|{{NYSE|EVR}} (Class A)|[[S&P 400]] component}}
| foundation = {{start date and age|1995}}
| founder = [[Roger Altman]]
| location = [[New York City]], United States
| key_people ={{ubl| Roger Altman (Senior Chairman)|John S. Weinberg (Chairman and CEO)|Ralph Schlosstein (Chairman Emeritus)}}
| industry = [[Investment banking]]
| products = {{ubl|[[Investment banking]]|[[Investment management]]|[[Equity research]]}}
| revenue = {{decrease}} {{US$|2.44 billion|link=yes}} (2023)<ref name="2023 Annual Report">{{Cite web |date=22 February 2024 |title=Form 10-K Annual Report for the Fiscal Year Ended December 31, 2023 |url=https://www.sec.gov/ix?doc=/Archives/edgar/data/1360901/000136090124000007/evr-20231231.htm |website=SEC.gov |publisher=[[U.S. Securities and Exchange Commission]]}}</ref>
| operating_income = {{decrease}} US$359 million (2023)<ref name="2023 Annual Report"/>
| net_income = {{nowrap|{{decrease}} US$255 million (2023)}}<ref name="2023 Annual Report"/>
| aum = {{increase}} {{US$|12.3 billion}} (2023)<ref name="2023 Annual Report"/>
| assets = {{increase}} US$3.70 billion (2023)<ref name="2023 Annual Report"/>
| equity = {{increase}} US$1.58 billion (2023)<ref name="2023 Annual Report"/>
| num_employees = 2,195 (2023)<ref name="2023 Annual Report"/>
| website = {{URL|https://evercore.com}}
}}
'''Evercore Inc.''', formerly known as '''Evercore Partners''',<ref>{{Cite news |title=Evercore Partners Inc. |language=en-US |work=The New York Times |url=https://www.nytimes.com/topic/company/evercore-partners-inc |access-date=2017-09-25 |issn=0362-4331}}</ref> is a global independent [[investment banking]] [[Independent advisory firm|advisory firm]] founded in 1995 by [[Roger Altman]], [[David Offensend]], and [[Austin Beutner]].<ref>[https://www.nytimes.com/1998/04/10/business/the-media-business-evercore-makes-a-bid-for-court-tv.html Evercore Makes a Bid for Court TV - NY Times]</ref> The firm has advised on over $4.7 trillion of merger, acquisition, and restructuring transactions since its founding.<ref>{{Cite web|title=Who We Are|url=https://www.evercore.com/who-we-are/|access-date=2022-02-12|website=Evercore|language=en-US}}</ref>

Evercore advises on [[mergers and acquisitions]], [[divestitures]], [[restructuring]]s, [[Funding|financings]], [[public offerings]], [[private placements]] and other strategic transactions and  provides institutional investors with macro and fundamental [[equity research]], [[sales and trading]] execution. It offers [[wealth management]], institutional [[asset management]] and [[private equity]] investing.

Evercore is headquartered in New York City and has 28 offices in 11 countries across North America, Europe, South America and Asia, with approximately 1,950 employees.<ref>{{Cite news |last=Boyd |first=Michael |date=2017-08-08 |title=Evercore: Underfollowed Firm Has Great Potential |language=en-US |work=Seeking Alpha |url=https://seekingalpha.com/article/4096378-evercore-underfollowed-firm-great-potential |access-date=2017-09-25}}</ref>

== History ==

=== Founding and establishment ===
Evercore Partners was founded by [[Roger Altman]] in 1995,<ref>{{Cite web|title=Roger C. Altman|url=https://www.evercore.com/bios/roger-c-altman/|access-date=2022-02-12|website=Evercore|language=en-US}}</ref> on the basis that clients would be best served by an [[investment banking]] firm free of the conflicts of interest of large financial institutions like [[Goldman Sachs]] and [[Merrill Lynch & Co.|Merrill Lynch]] {{citation needed|date= September 2024}}

Altman began his career in investment banking at [[Lehman Brothers]], serving as general partner until 1977. After a role as assistant secretary of the [[United States Department of the Treasury|U.S. Treasury]] until 1981, Altman returned to Lehman as co-head of global investment banking.{{citation needed|date= September 2024}}

In 1987, Altman joined [[The Blackstone Group]] as its head of advisory business before returning to the [[United States Department of the Treasury|U.S. Treasury]] to serve as deputy secretary in 1993.{{citation needed|date= September 2024}}

In 1995, Altman founded Evercore Partners.{{citation needed|date= September 2024}}

== Recent activities ==

* In 2009, Evercore advised [[Wyeth]] in the largest deal of the year. In 2010 the firm advised [[Genzyme]] in the largest healthcare deal of the year.<ref>{{Cite web |date=2009-07-31 |title=The Pharmaceuticals Banker That Helped Evercore Land a $4 Billion Mandate |url=https://blogs.wsj.com/deals/2009/07/31/the-pharmaceuticals-banker-that-helped-evercore-land-a-4-billion-mandate/ |website=The Wall Street Journal}}</ref>
* In August 2011, the firm completed its acquisition of Lexicon Partners, an independent UK-based investment banking advisory firm.<ref name="phx.corporate-ir.net" />
* In October 2011, Evercore and Kotak Mahindra Capital Company Limited ("Kotak Investment Banking") (a subsidiary of [[Kotak Mahindra Bank]] Limited), announced that the two firms had entered into an exclusive [[strategic alliance]] for cross-border M&A advisory services between India and the United States, the United Kingdom, and Mexico.<ref name="phx.corporate-ir.net" />
* In November 2011, the firm announced that it had agreed to purchase a 5% non-controlling interest in ABS Investment Management, an institutionally focused equity long/short hedge fund of funds manager.<ref name="phx.corporate-ir.net">[http://phx.corporate-ir.net/phoenix.zhtml?c=66653&p=irol-news&nyo=1 Evercore Partners 2011 Financial News]</ref>
* In 2012, Evercore advised [[Kraft Foods|Kraft]] in the largest Consumer/Retail deal of the year, as well as TNK-BP in the largest Energy deal of the year.<ref>{{Cite web |date=2011-08-05 |title=Evercore Kraft Spin Off |url=https://www.fnlondon.com/articles/evercore-kraft-spin-off-20110805 |website=Financial News}}</ref><ref>{{Cite web |date=2012-10-08 |title=BP's Partner in TNK-BP Looks to Sell Stake |url=https://www.ft.com/content/13d38cd6-1157-11e2-9c94-00144feabdc0 |archive-url=https://ghostarchive.org/archive/20221211/https://www.ft.com/content/13d38cd6-1157-11e2-9c94-00144feabdc0 |archive-date=2022-12-11 |url-access=subscription |url-status=live |website=Financial Times}}</ref>
* In 2023, Evercore advised [[Dell]] in the largest technology deal of the year.<ref>{{Cite web |date=2015-10-13 |title=Legions of Advisers for Dell EMC Deal |url=https://www.nytimes.com/2015/10/13/business/dealbook/legions-of-advisers-for-dell-emc-deal.html |website=The New York Times}}</ref>
* In April 2014, former Evercore banker Perkins Hixon pleaded guilty to insider trading in the securities of Evercore, Westway Group Inc. and [[Titanium Metals Corporation]]<ref>Pital, Sisal S., [http://www.marketwatch.com/story/ex-evercore-director-guilty-of-insider-trading-2014-04-03 "Ex-Evercore director guilty of insider trading"], ''[[MarketWatch]]'', April 3, 2014. Retrieved 2014-04-03.</ref> from 2010 to 2013. He resigned from the company earlier in 2014.<ref>Calder, Rich and Josh Kosman, [https://nypost.com/2014/04/02/perk-hixon-ex-evercore-banker-to-plead-guilty-to-insider-trading/ "Perk Hixon, ex-Evercore banker, to plead guilty to insider trading"], [[New York Post|New York ''Post'']], April 2, 2014. Retrieved 2014-04-03.</ref>
* In August 2014, Evercore announced the acquisition of International Strategy & Investment ("ISI") Group for $440 million.<ref>{{Cite web |title=Evercore buys ISI brokerage for up to $440m|url=https://www.ft.com/content/2b526a8e-19b7-11e4-b06c-00144feabdc0 |archive-url=https://ghostarchive.org/archive/20221211/https://www.ft.com/content/2b526a8e-19b7-11e4-b06c-00144feabdc0 |archive-date=2022-12-11 |url-access=subscription |url-status=live |access-date=2017-09-25 |website=Financial Times}}</ref><ref>{{Cite news |last=Roberts |first=Lee |date=2014-08-03 |title=Evercore Partners to Acquire ISI Group |language=en-US |work=The Wall Street Journal |url=https://www.wsj.com/articles/evercore-partners-to-acquire-isi-group-1407088239 |access-date=2017-09-25 |issn=0099-9660}}</ref> The deal was closed the following October to create Evercore ISI Institutional Equities, offering Macro and Fundamental Research, Sales, and Trading execution. In 2014, the firm secured the second highest number of [[Institutional Investor (magazine)|Institutional Investor]] #1 positions, after [[J.P. Morgan & Co.|J.P. Morgan]], and also ranked No. 5 in total II positions.<ref>Hurst, Georgina, [http://www.institutionalinvestor.com/article/3387404/research-and-rankings/evercore-isi-deal-may-be-wave-of-the-future.html#.VQMl_uGiDK0 "Evercore ISI Deal May Be Wave of the Future"], ''[[Institutional Investor (magazine)|Institutional Investor]]'', October 9, 2014.</ref> The same year, Evercore advised [[AstraZeneca]] in its defense against [[Pfizer|Pfizer's]] hostile takeover.
* Other M&A assignments include advising [[DuPont]] on its $68 billion merger of equals with The [[Dow Chemical Company]] to create [[DowDuPont]];<ref>{{Cite web |last=Gara |first=Antoine |date=December 11, 2015 |title=Dow and DuPont Merge In $130B Deal That Will Create DowDuPont, Before Breaking it Apart |url=https://www.forbes.com/sites/antoinegara/2015/12/11/dow-and-dupont-merge-in-130b-deal-that-will-create-dowdupont-before-breaking-it-apart/#781d83d2dcf4 |access-date=March 29, 2018 |website=Forbes}}</ref> Medivation on its sale to Pfizer Inc., and [[Abbott Laboratories]] on its $31 billion acquisition of [[St. Jude Medical]] in the two largest Healthcare transactions of 2016.<ref>{{Cite web |last=Picker |first=Leslie |date=April 28, 2016 |title=Abbott to Acquire St. Jude Medical for $25 Billion |url=https://www.nytimes.com/2016/04/29/business/dealbook/abbott-to-acquire-st-jude-medical-for-25-billion.html |access-date=March 29, 2018 |website=The New York Times}}</ref> In addition, the company advised [[Qualcomm]] on its pending acquisition of [[NXP Semiconductors]] NV in the largest Technology transaction of that year. Evercore also advised [[Centurylink]] on its pending acquisition of Level 3 Communications Inc. in the largest Telecom transaction of 2016, and [[Tesla, Inc.]] on its $2 billion acquisition of [[SolarCity]].<ref>{{Cite web |last=Marino |first=Jon |date=August 1, 2016 |title=Tesla-SolarCity Deal Shuts Out Wall Street's Big Banks |url=https://www.cnbc.com/2016/08/01/tesla-solarcity-deal-shuts-out-wall-streets-big-banks.html |access-date=March 29, 2018 |publisher=CNBC}}</ref>
* Also in 2016, John S. Weinberg joined Evercore from [[Goldman Sachs]] as Chairman of the Board and Executive Chairman.<ref>{{Cite web |date=2016-11-16 |title=Ex-Goldman Sachs Banker John Weinberg Joins Evercore As Chairman |url=https://www.bloomberg.com/news/articles/2016-11-16/ex-goldman-sachs-banker-john-weinberg-joins-evercore-as-chairman |website=Bloomberg}}</ref>
* In 2017, Evercore advised [[Coach, Inc.]] on its $2 billion acquisition of [[Kate Spade New York]];<ref>{{Cite web |last=Hoi-Nga Wong |first=Stephanie |date=May 8, 2017 |title=Coach Agrees to Buy Kate Spade For $2.4 Billion |url=https://www.bloomberg.com/news/articles/2017-05-08/coach-says-it-agreed-to-buy-kate-spade-for-2-4-billion |access-date=March 29, 2018 |publisher=Bloomberg L.P.}}</ref> [[Whole Foods Market]] on its $14 billion sale to [[Amazon (company)|Amazon]];<ref>{{Cite web |date=June 16, 2017 |title=Here's Who Helped Amazon Clinch Blockbuster Whole Foods Deal |url=http://fortune.com/2017/06/16/amazon-goldman-sachs-whole-foods/ |access-date=March 29, 2018 |publisher=Fortune}}</ref> [[CVS Pharmacy|CVS]] on its acquisition of [[Aetna]] in the largest Healthcare deal of the year; and [[Qualcomm]] on its successful defense against Broadcom in the largest contested Technology deal ever.<ref>{{Cite web |date=2017-11-06 |title=Broadcom Willing to go Hostile to Win $105 Billion Qualcomm Deal |url=http://adage.com/article/tech/broadcom-hostile-win-105-billion-qualcomm-deal/311204/ |website=Ad Age}}</ref>
* In 2018, Evercore has advised the Independent Committee of the Board of Directors of [[T-Mobile US|T-Mobile]] U.S. on its $25.6 billion acquisition of [[Sprint Nextel|Sprint]] Corporation,<ref>{{Cite news|title=T-Mobile to buy Sprint for $26.5 Billion|url=https://www.bloomberg.com/news/articles/2018-04-29/sprint-t-mobile-in-26-5-billion-deal-to-take-on-at-t-verizon|access-date=2022-02-09|website=Bloomberg|date=29 April 2018 }}</ref> [[Takeda Pharmaceutical Company]] Limited on its $62.2 billion acquisition of [[Shire (pharmaceutical company)|Shire]] plc,<ref>{{Cite web|title=It's a Wrap! Takeda-Shire Merger Is a Done Deal, Making Takeda the Largest Mass. Biotech Employer|url=https://www.biospace.com/article/it-s-a-wrap-takeda-shire-merger-is-a-done-deal-making-takeda-the-largest-mass-biotech-employer/|access-date=2022-02-09|website=BioSpace|language=en-US}}</ref> and [[Comcast Corporation]] on its $39 billion acquisition of [[Sky UK|Sky]] plc.<ref>{{Cite web|last=Browne|first=Spriha Srivastava, Alex Sherman, Ryan|date=2018-09-22|title=Comcast outbids Fox in a $39 billion takeover of Sky|url=https://www.cnbc.com/2018/09/22/sky-comcast-fox-36-billion-takeover-auction.html|access-date=2022-02-09|website=CNBC|language=en}}</ref>
* In 2019, Evercore advised [[National Amusements]], Inc. on its $12 billion combination of [[CBS]] Corp. and [[ViacomCBS|Viacom]] Inc.,<ref>{{Cite web|date=2019-12-04|title=Viacom and CBS reunite in $12 billion deal, but challenges abound|url=https://www.latimes.com/entertainment-arts/business/story/2019-12-04/viacom-cbs-merger|access-date=2022-02-09|website=Los Angeles Times|language=en-US}}</ref> [[Anadarko Petroleum]] on its $55 billion sale to [[Occidental Petroleum]],<ref>{{Cite press release|date=2019-08-08|title=Occidental Completes Acquisition of Anadarko|url=https://www.businesswire.com/news/home/20190808005586/en/Occidental-Completes-Acquisition-of-Anadarko|access-date=2022-02-09|website=www.businesswire.com|language=en}}</ref> and [[Bristol Myers Squibb|Bristol-Myers Squibb]] on its $74 billion acquisition of [[Celgene]] Corporation in the largest M&A deal of the year.<ref>{{Cite web|title=BMS Completes $74 Billion Celgene Takeover|url=https://www.biospace.com/article/done-bms-and-celgene-merger-complete-74-billion-merger/|access-date=2022-02-09|website=BioSpace|language=en-US}}</ref>
* In 2020, Evercore advised [[AstraZeneca]] on its $39 billion acquisition of [[Alexion Pharmaceuticals]] in the largest healthcare M&A deal of the year.<ref>{{Cite web|title=AstraZeneca closes mega $39B Alexion buyout despite antitrust fears, making a splash in rare diseases|url=https://www.fiercepharma.com/pharma/astrazeneca-closes-mega-39b-alexion-buyout-despite-antitrust-fears-making-a-splash-rare|access-date=2022-02-09|website=FiercePharma|language=en}}</ref>

==See also==
* [[Investment banking]]
* [[List of investment banks]]
* [[Boutique investment bank]]

== References ==
{{Reflist|30em}}

== External links ==
*{{Official website|https://www.evercore.com}}
{{Finance links
| name = Evercore Inc.
| symbol = EVR
| sec_cik = 1360901
| yahoo = EVR
| google = EVR
}}

{{Major investment banks}}
{{Private equity and venture capital}}
{{S&P 400 companies}}
{{Authority control}}

[[Category:Companies listed on the New York Stock Exchange]]
[[Category:Financial services companies established in 1995]]
[[Category:Investment banks in the United States]]
[[Category:Companies in the S&P 400]]
[[Category:Private equity firms of the United States]]