Jimmy Dunne, Senior Managing Principal Sandler O’Neill and Partners
Adam Jeffery | CNBC
Piper Jaffray and Sandler O’Neill announced a merger agreement worth $485 million on Tuesday in a combination of two smaller, but prominent Wall Street investment banks.
Piper said it will pay $350 in cash to Sandler equity holders at the time of closing.
Piper Jaffray, which has a market value of about $1 billion, will also pay $135 million in primarily restricted stock of Piper Jaffray to Sandler O’Neill employee partners.
The combined firm will be named Piper Sandler Companies.
Shares of Piper Jaffray fell 1.5% in pre-market trading on Tuesday.
Senior managing principle at Sandler O’Neill Jimmy Dunne will become Piper Sandler’s vice chariman and senior managing principal of Piper Sandler’s financial services business.
“We are excited to combine with Piper Jaffray and build on the strength of both of our businesses,” said Dunne. “I’m extremely proud of what we have built over the past 30 years and thrilled to have found a partner that shares our passion for the business.”
This is a developing story. Check back for updates.
