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Piper Jaffray, Sandler O’Neill Strike a Deal

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Two financial services firms that specialize in deal-making have agreed to their own merger: Minneapolis-based Piper Jaffray is buying Sandler O’Neill and Partners of New York for $485 million in cash and stock, with the new firm to be named Piper Sandler Cos.

Sandler O’Neill is a investment bank focused on the financial services industry, while Piper Jaffray’s operations are chiefly concerned with the expansion of its investment banking platform — which includes M&A advisory work. The O’Neill purchase should help Piper expand its fixed income business, equity research and sales and trading franchise, according to the firm.

The combined entity, as measured by 2018 results, would have included investment advisory services revenues of nearly $575 million and investment banking revenues of nearly $840 million.

“We have a long history with Sandler O’Neill. We admire the quality of their professionals, the business they have built and the culture of the firm which is based on many values we share,” said Piper CEO Chad Abraham in a statement. 

“With Sandler O’Neill, we start with the market leader and could not be positioned better to compete in the financial services sector over time.This transaction strengthens, diversifies and accelerates the growth of the Piper Jaffray investment banking, capital markets and institutional distribution businesses,” Abraham explained. 

Sandler O’Neill was founded in 1988 and has 300 professionals, while Piper traces its roots to 1895 and has some 1,300 employees. 

The transaction is expected to close in January 2020, depending on regulatory approvals and other customary closing conditions.

— Check out Wealth Management M&A Deals on Track to Top 200 This Year on ThinkAdvisor.


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