Perella Weinberg Partners and Tudor, Pickering, Holt & Co. have entered into a definitive transaction agreement under which the two companies will combine.

The combined firm will be called Perella Weinberg Partners. TPH’s energy practice will continue to operate as Tudor, Pickering, Holt & Co. Subject to customary conditions, the transaction is expected to close in Q4/16. Terms of the transaction were not disclosed.

The combined firm will provide financial advisory services, asset management solutions and energy securities research, underwriting and trading services to a broad, global client base.

The combined firm will have more than $12 billion in assets under management and more than 650 employees across eight offices in New York, Houston, London, Denver, San Francisco, Dubai, Abu Dhabi and Calgary.

Robert K. Steel, CEO of New York-based Perella Weinberg Partners, said, “The addition of TPH’s premier energy capabilities and market presence presents significant opportunities for immediate and long-term growth in service to our clients. We recognize the preeminent role that TPH has built as an energy banker in North America, the respect it has earned in the industry, and its leadership and strong voice in Houston. This combination will enable us together to build further on the great We are excited to work together to better serve our clients.”

Robert B. Tudor, III, chairman and CEO of Houston-based Tudor, Pickering, Holt & Co, said, “Perella Weinberg Partners has a terrific reputation as a trusted advisor to executives at the world’s leading corporations and a culture of superior client service. We believe our clients and employees will benefit meaningfully from a TPH with broader global reach, expertise in new areas, and greater access to capital.”

Clients of both firms will benefit from a differentiated M&A franchise offering expanded expertise in its services and sector coverage. The combined advisory business will have deep expertise in key industry verticals that are among the most important and strategically active sectors of the global economy, including energy, healthcare and consumer/retail.

Perella Weinberg Partners will be led by Chairman Joseph R. Perella; CEO Steel and Head of Advisory Peter A. Weinberg and Co-Head of Asset Management Tarek Abdel-Meguid. Aaron Hood, previously CFO for Perella Weinberg Partners, will join Meguid as a co-head of Perella Weinberg Partners’ Asset Management business. Alexandra Pruner, previously CFO of TPH, will assume the role of CFO of Perella Weinberg Partners.

R. Maynard Holt will assume the role of TPH chief executive officer while Tudor, who has been chairman and CEO, will continue in his role as chairman.