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Stifel to Buy Sterne Agee for $150 Million in Cash, Shares

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Stifel Financial Corp. agreed to buy Sterne Agee Group Inc. in a $150 million cash-and-stock deal merging two of the biggest U.S. brokerages outside of New York.

Stifel will pay at least $73 million in stock, depending on shareholder elections, it said Monday in a statement. The cash payment would be $66 million to $77 million, it said.