Deals
Piper Jaffray Agrees to Acquire BMO Municipal-Bond Business
Is BMO Muni Unit Deal a Good Fit for Piper Jaffray?
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Piper Jaffray Cos., the investment bank founded in 1895, agreed to buy Bank of Montreal’s GKST Inc. to expand in municipal bond sales, trading and origination.
The deal is expected to be completed in the fourth quarter and is subject to regulatory approval, Minneapolis-based Piper Jaffray said Monday in a statement that didn’t disclose terms. Most of the 130 employees working for the GKST unit will move to Piper Jaffray, said Nini Krishnappa, a BMO spokesman.