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Piper Jaffray Buys Seattle-Northwest Securities

Investment banker Piper Jaffray (NYSE: PJC  ) expanded its municipal debt business Wednesday, when it purchased Seattle-Northwest Securities in a transaction valued at approximately $21 million.

Calling Seattle-Northwest "an established leader in underwriting municipal securities," and one with a "nationwide" municipal bond sales and trading business, Piper CEO Andrew Duff said his firm is taking "a significant step forward in developing a national franchise for our business."

Investors may disagree. Piper shares traded down 0.9% on Wednesday, closing at $32.32 ahead of the buyout news. They haven't yet had a chance to react to the news that Piper is paying 1.6 times tangible book value for Seattle-Northwest, versus Piper Jaffray's own P/TBV ratio of 1.0.

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Rich Smith

As a defense writer for The Motley Fool, I focus on defense and aerospace stocks. My job? Every day of the week, I'm monitoring the news, figuring out the winners and losers, and tracking down the promising companies for you to invest in. Follow me on Twitter or Facebook for the most important developments in defense & aerospace, and other great stories.

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Related Tickers

10/2/2015 4:02 PM
PJC $34.82 Up +0.14 +0.40%
Piper Jaffray Comp… CAPS Rating: No stars