Piper Jaffray Companies (NYSE:PJC) entered into a definitive agreement to acquire 100% of the equity and partnership interests in SOP Holdings, LLC for approximately $490 million on July 9, 2019. Pursuant to the agreement, the consideration includes approximately $350 million to be paid in cash to the equity holders at the time of closing which includes $100 million of tangible book value to equity holders and approximately $135 million through restricted stock of Piper Jaffray Companies to SOP Holdings, LLC's employee partners. In addition, Piper Jaffray agreed to provide approximately $115 million in long-term retention incentives, primarily in restricted stock of Piper Jaffray Companies to SOP Holdings, LLC's employees. The transaction to be financed through proceeds from the pending sale of Advisory Research Inc. and to raise approximately $150 million of debt to finance a portion of cash. As of October 15, 2019, Piper Jaffray Companies entered into a note purchase agreement with Piper Jaffray & Co, a wholly owned subsidiary of Piper Jaffray Companies. As part of financing, Piper Jaffray Companies purchased ad resold the notes with an aggregate principal amount of $175 million. Upon completion, the combined company will be named as Piper Sandler Companies. As on December 13, 2019 announced that following the completion of its merger with Sandler O’Neill + Partners, L.P. it will trade on the NYSE under the ticker symbol “PIPR”. Jimmy Dunne will serve as Vice Chairman of Piper Sandler Companies and Senior Managing Principal of Piper Sandler’s financial services business. Jon Doyle will join Board of Directors and will be named as Vice Chairman, Senior Managing Principal and Head of the financial services group of Piper Sandler Companies. The transaction closing is subject to regulatory approvals and other customary closing conditions. As of August 9, 2019, Federal Trade Commission has granted early termination notice. The transaction is expected to close in January 2020. The transaction is expected to close in early January 2020. As of December 16, 2019, the transaction is expected to close on January 3, 2020. The transaction is expected to over 10% accretive to Non-GAAP EPS in 2020, increases Piper Jaffray operating margin, ROE and employee productivity metrics. Piper Jaffray & Co. acted as financial advisor and Sullivan & Cromwell LLP acted as legal advisor to Piper Jaffray Companies. JMP Securities LLC provided the fairness opinion to Board of Directors of Piper Jaffray Companies. Wachtell, Lipton, Rosen & Katz LLP acted as legal advisor to SOP Holdings, LLC. LATHAM & WATKINS LLP acted as legal advisor and JMP Securities LLC acted as financial advisor to Piper Jaffray Companies. Piper Jaffray Companies (NYSE:PJC) completed the acquisition of 100% of the equity and partnership interests in SOP Holdings, LLC on January 3, 2020.