Piper Jaffray Cos. (PJC) said Wednesday that it has agreed to buy Seattle-Northwest Securities Corporation in a deal valued at about $21 million.
Upon closing, the tangible book value of Seattle-Northwest is estimated to be $13 million.
Founded in 1970, Seattle-Northwest is a public finance firm in the Northwest region. The firm is an established leader in underwriting municipal securities, and its sales and trading division distributes bonds nationwide. Piper Jaffray and Seattle-Northwest have minimal geographic and business overlap, and the combination further strengthens Piper Jaffray's public finance leadership in serving the middle market.
The deal is expected to close in the second half of 2013.
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