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PJC

Piper Jaffray

$73.81

-1.24 (-1.65%)

07:19
07/09/19
07/09
07:19
07/09/19
07:19

Piper Jaffray to acquire Sandler O'Neill, new firm named Piper Sandler Companies

Piper Jaffray and Sandler O'Neill + Partners, L.P. announced they have entered into a definitive merger agreement. The combined company will be named Piper Sandler Companies and will bring together the leading investment banking firm focused on the financial services industry with the growing Piper Jaffray investment banking platform. The combination accelerates Piper Jaffray's goal of prioritizing and building its M&A advisory business, adds a differentiated fixed income business and significantly expands the breadth and depth of the firm's equity research, and sales and trading franchise. Under the terms of the merger agreement, Piper Jaffray will acquire 100% of the equity and partnership interests in Sandler O'Neill. The transaction consideration will total $485M, which is based on $100M of tangible book value on the Sandler O'Neill balance sheet delivered at the time of closing. Piper Jaffray will pay $350M in cash to Sandler O'Neill equity holders at the time of closing; and $135M in restricted consideration, primarily in restricted stock of Piper Jaffray Companies, to Sandler O'Neill employee partners. In addition, Piper Jaffray agreed to provide $115M in long-term retention incentives, primarily in restricted stock of Piper Jaffray Companies, to Sandler O'Neill employees. All Sandler O'Neill partners have entered into employment agreements in connection with the transaction. The merger nearly doubles revenues for the Piper Jaffray fixed income business. Following the merger, Jimmy Dunne, senior managing principal at Sandler O'Neill, will be named vice chairman of Piper Sandler and senior managing principal of Piper Sandler's financial services business. Dunne will continue to focus on exactly the same work that he has been doing for the past several years, providing guidance and strategic advice to clients on M&A deals and other transactions. Jon Doyle, senior managing principal at Sandler O'Neill, will lead Piper Sandler's financial services business line and all investment banking, capital markets, fixed income and equities resources dedicated to the financial services industry will report to him. Doyle will be named vice chairman, senior managing principal and head of the financial services group of Piper Sandler. Doyle will also join the board of directors of Piper Sandler Companies, as well as the firm's leadership team. Existing Piper Jaffray investment banking, capital markets, fixed income and equities personnel dedicated to the financial services sector will be combined with the Sandler O'Neill team. The transaction is expected to close in January 2020 and is subject to obtaining required regulatory approvals and other customary closing conditions.

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PEP

PepsiCo

$132.17

-0.6 (-0.45%)

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$NSD

NASDAQ Market Internals

$0.00

(0.00%)

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$NYE

NYSE Market Internals

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UNIT

Uniti Group

$8.55

-0.03 (-0.35%)

13:15
07/18/19
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Options
Uniti Group put volume heavy and directionally bearish »

Bearish flow noted in…

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  • 08

    Aug

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10-Yr TIPS Auction Coupon Rate data reported »

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10-Yr TIPS Auction Total Amount data reported »

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TELL

Tellurian

$6.99

0.32 (4.80%)

13:05
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Options
Tellurian call volume above normal and directionally bullish »

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12:57
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Stephens architecture analysts to hold analyst/industry conference call nosymbol »

Analysts hold an…

EMR

Emerson

$64.26

-0.4 (-0.62%)

12:55
07/18/19
07/18
12:55
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12:55
Options
Emerson put volume heavy and directionally bearish »

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  • 30

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General news
Treasury $14 B 10-year TIPS preview: the auction outlook is mixed. »

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FB

Facebook

$200.15

-1.82 (-0.90%)

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Instagram hiding 'likes' in more countries to ease pressure, Gadgets says »

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  • 24

    Jul

DHR

Danaher

$141.79

2.19 (1.57%)

12:40
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12:40
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Recommendations
Danaher analyst commentary at Piper Jaffray »

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  • 18

    Jul

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    Nov

AXP

American Express

$128.02

0.975 (0.77%)

, V

Visa

$179.16

(0.00%)

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AXP

American Express

$128.02

0.975 (0.77%)

V

Visa

$179.16

(0.00%)

MA

MasterCard

$275.83

0.49 (0.18%)

UBER

Uber

$43.74

0.12 (0.28%)

LYFT

Lyft

$65.51

0.35 (0.54%)

WU

Western Union

$20.42

0.02 (0.10%)

BBVA

Banco Bilbao

$5.42

-0.055 (-1.01%)

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  • 19

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  • 27

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BUD

AB InBev

$88.73

0.31 (0.35%)

, KKR

KKR

$25.38

-0.08 (-0.31%)

12:36
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12:36
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12:36
Periodicals
AB InBev weighs asset sales after calling off Asian IPO, WSJ reports »

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BUD

AB InBev

$88.73

0.31 (0.35%)

KKR

KKR

$25.38

-0.08 (-0.31%)

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  • 25

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ESV

Ensco Rowan

$7.74

-0.16 (-2.03%)

12:35
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Options
Ensco put volume heavy and directionally bearish »

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  • 01

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CHS

Chico's

$3.29

-0.13 (-3.80%)

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CPE

Callon Petroleum

$4.87

-0.35 (-6.71%)

12:33
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Conference/Events
Callon Petroleum management to meet with JPMorgan »

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  • 18

    Jul

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BUD

AB InBev

$88.64

0.22 (0.25%)

12:29
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Hot Stocks
Breaking Hot Stocks news story on AB InBev »

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  • 25

    Jul

BUD

AB InBev

$88.64

0.22 (0.25%)

12:29
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12:29
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12:29
Periodicals
Breaking Periodicals news story on AB InBev »

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  • 25

    Jul

UAL

United Continental

$94.94

0.11 (0.12%)

, BA

Boeing

$363.48

-5.97 (-1.62%)

12:28
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12:28
Hot Stocks
United to resume service between New York/Newark and Delhi and Mumbai »

United Airlines (UAL)…

UAL

United Continental

$94.94

0.11 (0.12%)

BA

Boeing

$363.48

-5.97 (-1.62%)

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  • 24

    Jul

12:25
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Conference/Events
William Blair enterprise & cloud infrastructure analyst to hold a group luncheon »

Enterprise & Cloud…

BA

Boeing

$363.39

-6.06 (-1.64%)

12:24
07/18/19
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12:24
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12:24
Periodicals
Some Boeing planes may be prone to cell phone interference, Bloomberg says »

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  • 24

    Jul

MBUU

Malibu Boats

$35.98

-0.7 (-1.91%)

12:23
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Malibu Boats licenses wakesurfing patent portfolio to Sanger Boats »

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