Piper Jaffray to Acquire Sandler O’Neill

The Wall Street Journal reports Piper Jaffray Co. is acquiring Sandler O’Neill & Partners L.P. for $485 million, combining two investment-banking firms to create Piper Sandler Cos. Sandler O’Neill is a leader in advising small and midsize banks on deals, having been involved in 355 bank mergers since 2010. Piper Jaffray CEO Chad Abraham said his firm has been trying to get deeper into the investment-banking business. The companies expect the deal to close in January.