Piper Jaffray to Buy Sandler O’Neill to Expand in M&A, Bonds (2)

Piper Jaffray Cos. agreed to buy Sandler O’Neill & Partners LP for $485 million to build up its merger-advisory and fixed-income businesses.

The new company will be called Piper Sandler Cos., the firms said July 9 in a statement. Piper Jaffray will acquire 100% of the equity and partnership interests in Sandler O’Neill in a deal that includes a $350 million cash component and $135 million in restricted consideration, primarily Piper Jaffray restricted stock, to Sandler O’Neill partners.

Piper Jaffray has been building its investment-banking division in the past five years, seeking to capitalize on a merger boom that’s shown ...