Wall Street minnows pitch merger nirvana

📆 2019/07/10 4:35:00
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Piper Jaffray announced a $485 million purchase of Sandler O'Neill, a deal expected to boost the investment bank's return on equity. The merger makes sense for Piper Jaffray, but it’s not enough to transcend its peer group’s performance. AntonyMCurrie

Middle-market U.S. investment bank Piper Jaffray has agreed to buy privately held Sandler O’Neill for $485 million, the two firms said on July 9. The combined company will be called Piper Sandler.

Owners of Sandler O’Neill will receive $350 million in cash when the deal closes. In addition, the target’s “employee partners” will receive $135 million in primarily restricted stock. Piper Jaffray is also setting aside $115 million for long-term retention incentives, mostly in restricted stock.

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