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A pair of investment banks are leaving Centerview Partners to start a firm focused on advising technology companies on mergers and acquisitions.
The men, veteran dealmakers David Handler and David Niquaye, have the backing of two well-connected firms on Wall Street, Consello and 25madison, people familiar with the matter said. Both will own minority stakes in new M&A and technology, media and telecommunications companies and a strategic-advisory boutique called Tidal Partners.
Merger consulting can be a highly profitable business. Centerview, one of the most successful independent companies since its founding 16 years ago, generates more than $1 billion in revenue in a good year. The firm, which has more than 500 professionals, last year brought in three senior bankers from Bank of America Corp. to run the technology exercise.
Technology exposes all other sectors as a generator of value and payment for bankers, with more than $400 billion in transactions recorded in the US alone this year, according to Dealogic.
Overall, M&A activity has been subdued, with volatile markets and an uncertain economic outlook creating a major slowdown in deal activity this year. But the current downturn is widely expected to be temporary, as companies continue to seek synergies to achieve balance, efficiency and competitiveness.
Mr. Hanler made his name advising clients including Cisco Systems. Inc.
and Qualcomm Inc.
(He is also the chairman of Penn National Gaming. Inc.
) said on its website that Mr. Nequaye is a founding member of the Tech Practice at Center View. He previously worked in the UBS group AG
, according to Mr. Handler. He has worked with clients including Cisco and Motorola..
David Hanler made a name for himself advising clients including Cisco Systems and Qualcomm.
Photo:
Storm partners
Consello, which focuses on helping companies with mergers advice, investing and business development, among other activities, was started by PR veteran Declan Kelly. His partners include NFL great Tom Brady, as well as former Qualcomm CEO Steve Mollenkopf and Elon Musk counts attorney Alex Spyro as top advisers.
Tidal and Consello have a unique partnership to work together on large-cap client-selected projects.
25Madison’s chairman, Michael Linton, owns the same title as the social media company Snap. Inc.
Private equity giant Apollo Global Management Inc.
He is an investor.
Write Dana Cimilluca at dana.cimilluca@wsj.com
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