George Osborne to share in £147m payout from investment bank
The former Conservative chancellor, 54, became a partner at the Mayfair firm in 2021, joining Sir Simon Robey, Simon Warshaw and Philip Apostolides.
But New York-based Evercore has revealed it is now buying their business as part of an expansion in Europe and the UK.
The deal means Mr Osborne, who is also chairman of the British Museum and co-hosts a popular podcast, will receive a slice of a two-tranche payout to partners, the first in stock and the second in stock or cash.
A performance-linked scheme could also trigger further payouts for the partners if they hit certain targets over the next few years.
Sir Simon, 65, is the firm's senior partner and expected to receive the biggest share of the sale. He founded the advisory in 2013 under a different brand, before Mr Warshaw joined.
The exact share of Mr Osborne's payout has not been disclosed and his stake in the company has never been made public.
Telegraph auction
The tie-up with Evercore comes after the British bank has beaten much bigger Wall Street rivals to win business from major multinational firms.
Sir Simon told The Telegraph: 'It was a case of carrying on as we are as a firm of only 18 people or try to grow it. I still think there's a role for very small firms but it was the right time for us to join a bigger enterprise.
'If you're at my stage and age it's really important to work with people you like and work well with. In the US, Evercore is snapping at the heels of Goldman, et cetera. In London they tend to do mid-cap deal and we do big-cap so it's a good fit.'
London is in the throes of a dealmaking slump, however, as economic gloom and fiscal uncertainty undermine corporate confidence. Meanwhile the stock market is in decline with a series of top companies migrating to New York, or considering it.
Sir Simon said: 'We are not only a London firm but of course we are inextricably linked with the fortunes of London.
'Do I wish it was in a bit of a different place at the moment? Sure. But I think there's still a lot to do and it's still a great place.'
Evercore hailed the firm's 'impressive client franchise and track record' and its 'reputation as a trusted adviser' to some of Europe's biggest companies, including BP, Vodafone and HSBC.
Sir Simon cited Robey Warshaw's struggle to sell The Telegraph at auction last year as the biggest misstep in 13 years.
The firm was engaged by the UAE media company IMI to sell the newspaper after its own attempted takeover was blocked.
However the auction did not deliver a buyer able to meet the £500m reserve price, prolonging the uncertainty which has gripped The Telegraph for more than two years.
IMI is now expected to become a passive minority shareholder in a takeover led by its US private equity partner RedBird Capital.
Roger Altman, Evercore's founder and senior chairman, said: 'We have long admired Simon Robey and his colleagues, and their standard of excellence.
'This is a fortuitous and timely combination.'
Sir Simon added: 'We and Evercore share commitments to client service, excellence, integrity and independent advice.
'We also have a shared ambition to drive further growth. 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.'
The deal will close at the end of 2025, the announcement said.
It marks another career landmark for Mr Osborne, who has landed a string of jobs since he stepped down as an MP, aged 45, in 2017.
A year earlier he had been sacked as chancellor after six years in post, when Theresa May succeeded David Cameron as Tory party leader and prime minister.
He now co-hosts a current affairs podcast, Political Currency, with his former Labour rival Ed Balls, who was shadow chancellor under Ed Miliband and a long-serving adviser and minister in Gordon Brown's government.
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