Piper Jaffray has agree to acquire BMO Capital Markets GKST, BMO’s municipal bond sales, trading and origination business.
Financial terms of the transaction weren’t disclosed.
“The fixed income business has been a longstanding and core focus for Piper Jaffray, and our commitment to sustainable growth led us to GKST,” says Piper Jaffray chairman and CEO Andrew Duff.
“This transaction will enable BMO to focus its resources on growing our core U.S. businesses, including our institutional fixed income business, and strengthening relationships with our institutional clients,” says Luke Seabrook, global head, trading products with BMO Capital Markets.
The deal is subject to regulatory approval and customary closing conditions and expected to close in the fourth quarter of 2015.
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