Report published September 29, 2026

Piper Sandler Cos. Scenario Analysis Around a Potential Acquisition of PWP - Goldman Sachs Research

Goldman Sachs · September 29, 2026

Following media reports that Piper Sandler is in discussions to acquire Perella Weinberg Partners, Goldman Sachs analyzed the potential transaction, estimating an implied equity value of $1.7–$2.5bn and 2027E EPS accretion of 1% to 9%. The combination would create the 5th largest independent investment bank advisory practice, adding large-cap M&A, restructuring, and energy capabilities.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.Following WSJ reports that PIPR is in discussions to acquire PWP, Goldman Sachs estimates the deal could be valued at $1.7–$2.5bn in equity value (1.50–2.25x 2027E EV/Sales; 12.3–18.0x 2027E P/E).
2.The potential transaction is estimated to be 1% to 9% EPS accretive to PIPR in 2027E under baseline scenarios, ranging from 9% dilutive to 18% accretive across broader valuation and financing sensitivities.
3.A combination would create the 5th largest advisory practice among covered independent investment banks ($3.4bn total and $2.4bn advisory revenue in 2027E), adding large-cap strategic M&A, restructuring, secondaries, and energy coverage.

Key assumptions underlying our scenario analysis include:

Report data

Exhibit 1: Overall, we estimate the transaction to be 1%-9% accretive to PIPR in 2027E — as of September 29, 2026.

Metric	Estimate	Context
Estimated Deal Equity Value	1.7-2.5 USD billions	Estimated range for potential acquisition of PWP based on 1.50x-2.25x EV/Sales precedent multiples
Estimated 2027E EPS Accretion	1-9%	EPS accretion across scenarios 1 to 4 depending on cash/stock mix and EV/sales multiple
Pro Forma 2027E Total Revenue	3,378 USD millions	Combined PIPR and PWP revenue
PIPR 12-Month Price Target	93.00 USD	Based on 15.5x Q5-Q8 P/E
PIPR Share Price	64.72 USD	Closing price as of 29 Sep 2026

Source: Goldman Sachs Global Investment Research; FactSet, Company data, Goldman Sachs Global Investment Research; FactSet. This is a dated model snapshot, not a live forecast.