Deals
Piper Jaffray to Acquire Simmons for Energy Dealmaking Push
- Deal adds more than 170 professionals as CEO Duff builds firm
- Simmons CEO Frazier to be consultant to Piper Jaffray
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Piper Jaffray Cos., the investment bank founded in 1895, agreed to buy Simmons & Co. for dealmaking in the energy industry.
Piper Jaffray will add more than 170 professionals offering merger-and-acquisition advice, equity research and sales and trading, the Minneapolis-based company said Tuesday in a statement. The buyer will pay $139 million, with $91 million in cash and the rest in restricted stock, according to the statement. Piper Jaffray committed an additional $21 million to retain staff.