George Osborne eyes windfall as his investment bank is bought for £146m
Mayfair-based Robey Warshaw, a trusted advisor to some of Britain's biggest companies where the former Chancellor is one of five partners, has agreed to a takeover by Evercore for £146million.
It is unclear how the proceeds will be split but it works out at an average of £29.2million for each partner – including Osborne.
The deal marks just the latest windfall for the ex-politician since he joined the firm in 2021, as he built a new and highly lucrative career having been ousted as Chancellor following the Brexit vote.
He and his fellow partners shared £30million in his first year at the company while last year profits jumped to £70million.
That saw the best-paid partner – believed to be co-founder Simon Robey –handed £40.5million while the other partners including Osborne shared a pot of £29.5million.
Osborne has held a number of jobs since leaving Office, including editor of the Evening Standard newspaper from 2017 to 2020.
As well as being a partner at Robey Warshaw, he is currently chairman of the British Museum, where he is said to working on a possible loan of the Elgin Marbles back to Greece.
Robey Warshaw was founded in 2013 by former Morgan Stanley bankers Robey and Philip Apostolides along with UBS banker Simon Warshaw.
Osborne became the fourth partner in 2021 and a fifth, Chetan Singh, joined in 2024.
The bank has built a reputation as a leading boardroom adviser to Britain's largest corporates over the past decade.
Blue-chip clients include HSBC, BP, Vodafone and National Grid and it has worked on some of the biggest deals of recent years including the £79billion acquisition of brewer SABMiller by AB InBev, Comcast's takeover of Sky and Todd Boehley's bid for Chelsea FC.
This work has brought in huge fees for the company – with the lion's share handed out to its partners.
Payment from the takeover by New York-based Evercore will be in two tranches: half in Evercore shares when the deal closes and the remainder a year later in either cash or stock.
'I don't think I've ever worked with a more talented, more able banker than Simon Robey,' Evercore founder and senior chairman Roger Altman told the Financial Times.
'Discussions evolved over a very long period of time and they finally culminated in a mutual sense that this was the right thing to do.'
Evercore chief executive John Weinberg said: 'Robey Warshaw brings extraordinary, long-standing relationships with some of the world's leading multinational companies.
Robey said: 'Our clients will continue to get the personal attention and care we have always strived to provide. They will also be able to benefit from greater global reach, broad product capabilities and sector expertise. Evercore is the right home for all of us.'
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