Evercore Partners Inc. said today that it is selling debt and warrants to secure a $120 million investment from Tokyo-based Mizuho Corporate Bank Ltd. in order to expand the firm’s investment management and strategic-advisory business.
Under terms of the agreement, a representative of Mizuho will become a member of Evercore's board, and the Japanese bank will be permitted to purchase Evercore class A common stock in the open market as long as its total voting interest doesn’t exceed 4.9% in the New York investment bank.
Evercore and Mizuho also entered into a new strategic-alliance agreement — strengthening their U.S.-Japan cross-border alliance announced in 2006 — which will expand the mergers and acquisitions relationship and form a steering committee to review jointly certain advisory opportunities, the firms said in a joint statement.
“We have enjoyed a strong alliance with Mizuho, and this broader relationship enables both our advisory and investment management businesses to partner with a truly leading Japanese institution,” Roger C. Altman, chairman and chief executive of Evercore, said in the statement.
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