Piper Sandler Companies and Perella Weinberg Partners have abandoned talks over a proposed all-stock merger that would have created an independent investment banking firm with a combined market capitalization of approximately $6 billion. The firms could not agree on financial and personnel terms, according to a person familiar with the matter. Perella Weinberg shares closed 19.1% lower at $13, while Piper Sandler rose 0.96% to $64.5. The Financial Times first reported that the talks had fallen through, after The Wall Street Journal reported last month that Piper Sandler was discussing an acquisition of Perella Weinberg, which then had a market value of about $1.4 billion. Piper Sandler was formed in January 2020 through the $485 million merger of Piper Jaffray and Sandler O’Neill and specializes in middle-market advisory services, including financial services, healthcare and energy. Perella Weinberg was founded in 2006 by Joseph Perella, Peter Weinberg and Terry Meguid and went public in 2021 through a merger with a blank-check company backed by Betsy Cohen, in a transaction valued at about $975 million.