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Piper Jaffray to buy Seattle-Northwest Securities

MINNEAPOLIS (AP) -- Investment bank Piper Jaffray Cos. said Wednesday that it is buying Seattle-Northwest Securities Corp. in a deal worth about $21 million.

Seattle-Northwest is a public finance firm specializing in underwriting municipal securities, as well as the sale and trading of bonds. Piper Jaffray said the acquisition will boost its public finance business.

The deal is subject to approval by Seattle-Northwest's shareholders, as well as standard regulatory approval. It is expected to close in the second half of this year.

Shares of Minneapolis-based Piper Jaffray fell 30 cents to close at $32.32 and were unchanged in after-hours trading following the announcement of the deal.