(TheStreet) Wall Street investment banking firms Piper Jaffray and Sandler O'Neill on Tuesday announced they will be joining forces in an agreement worth $485 million.
Piper Jaffray on Tuesday confirmed it will pay $350 million in cash to Sandler O'Neill shareholders when the deal formally closes. It will also pay $135 million in restricted Piper Jaffray stock to Sandler O'Neill employee partners. The combined firm will be named Piper Sandler Cos.
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.
Jon Doyle, senior managing principal at Sandler O'Neill, will lead Piper Sandler's financial services business including investment banking, capital markets, fixed income and equities.
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.
Existing Piper Jaffray investment banking, capital markets, fixed income and equities teams focused on financial services will be combined with the Sandler O'Neill team, the companies said.
