trending Market Intelligence /marketintelligence/en/news-insights/trending/eWhVUsqi8wj49xZHZEV90A2 content
Log in to other products

Login to Market Intelligence Platform


Looking for more?

Contact Us

Request a Demo

You're one step closer to unlocking our suite of comprehensive and robust tools.

Fill out the form so we can connect you to the right person.

If your company has a current subscription with S&P Global Market Intelligence, you can register as a new user for access to the platform(s) covered by your license at Market Intelligence platform or S&P Capital IQ.

  • First Name*
  • Last Name*
  • Business Email *
  • Phone *
  • Company Name *
  • City *
  • We generated a verification code for you

  • Enter verification Code here*

* Required

Thank you for your interest in S&P Global Market Intelligence! We noticed you've identified yourself as a student. Through existing partnerships with academic institutions around the globe, it's likely you already have access to our resources. Please contact your professors, library, or administrative staff to receive your student login.

At this time we are unable to offer free trials or product demonstrations directly to students. If you discover that our solutions are not available to you, we encourage you to advocate at your university for a best-in-class learning experience that will help you long after you've completed your degree. We apologize for any inconvenience this may cause.

In This List

Piper Jaffray completes purchase of Sandler O'Neill, changes name, ticker symbol

Street Talk - Ep. 64: Coronavirus jumpstarts digital adoption

Street Talk Podcast

Street Talk - Ep. 63: Deal talks continue amid bank M&A freeze, setting up for strong Q4

Street Talk Podcast

Street Talk - Ep. 62: 'Brutal' outlook for oil demand offers banks in oil patch no relief

Amid Q1 APAC Fintech Funding Slump, Payment Companies Drove Investments

Piper Jaffray completes purchase of Sandler O'Neill, changes name, ticker symbol

Piper Jaffray Cos. on Jan. 3 completed its acquisition of 100% of Sandler O'Neill & Partners LP for $485 million.

Effective on the closing date, the acquiring company changed its name to Piper Sandler Cos. and its ticker symbol to PIPR from PJC at the New York Stock Exchange. The company's wholly owned broker/dealer, Piper Jaffray & Co., has also changed its name to Piper Sandler & Co.

Of the total purchase price, $350 million was paid in cash to Sandler O'Neill stockholders, while $135 million was to be paid to Sandler O’Neill employee-partners primarily in the form of restricted shares of common stock, subject to the terms and conditions of the restricted stock agreements.

The total number of restricted shares of common stock issued as equity consideration was 1,568,670, with an aggregate value of about $114.7 million, based on the price per share of $73.0890 under the merger agreement. The company has also implemented a retention program with a pool of $115 million for Sandler O’Neill employees in the form of generally restricted shares of Piper Jaffray’s common stock, subject to the terms of the agreement.

The funds used for the purchase came from a mix of cash flows from operations, cash proceeds from the sale of Advisory Research Inc. and proceeds from the issuance of unsecured fixed-rate senior notes to Pacific Investment Management Co. LLC, according to a regulatory filing.

Effective with the deal's closing, James Dunne III, senior managing principal of Sandler O'Neill, becomes vice chairman of Piper Sandler Cos. and senior managing principal of Piper Sandler & Co.'s financial services group. Jonathan Doyle, senior managing principal of Sandler O'Neill, has been appointed to Piper Sandler Cos.' board as vice chairman and will lead the financial services group as senior managing principal. Also as per the merger agreement, a second, mutually agreed individual will be appointed to the board in the first quarter of 2021.

For the merger transaction, Wachtell Lipton Rosen & Katz served as legal adviser to Sandler O'Neill, while Sullivan & Cromwell LLP served as legal adviser to Piper Jaffray.