has been acquired by
Financial advisor to Pacific Crest Securities
KeyCorp to acquire Pacific Crest Securities
July 17, 2014 (Cleveland,OH) - KeyCorp (NYSE: KEY), today announced that it has entered into a definitive agreement to acquire Pacific Crest Securities, a leading technology focused investment bank and capital markets firm. Following the closing of the transaction and upon receipt of regulatory approvals, Pacific Crest Securities will join KeyBanc Capital Markets, the corporate and investment banking business unit of Key.
This acquisition underscores Key's commitment to creating the leading corporate and investment bank serving middle market companies. The combined platforms bring together two firms with a shared vision of enhancing their differentiation in the market by capitalizing on the convergence of technology across traditional industry verticals.
"I am pleased to welcome the Pacific Crest team to Key," said Chairman and CEO, Beth E. Mooney. "Adding technology expertise to our Corporate Bank will enhance our model and capabilities to accelerate growth while also underscoring our commitment to be the leading corporate and investment bank serving middle market companies."
"Pacific Crest Securities brings significant momentum to KeyBanc Capital Markets with a highly talented team of professionals recognized for their technology investment banking and equity capital markets expertise," said President of KeyBanc Capital Markets, Randy Paine. "We are excited about what this combination achieves for our clients and our business. Clients will benefit from our expanded capabilities and the unique perspective we will bring to the market around connectivity trends that are shaping the future of our economy."
Founded in 1990 and based in Portland, Ore., Pacific Crest Securities provides deep expertise in Internet & Digital Media, Software & Systems, Communications, Semiconductors and Clean Technology. The firm applies its knowledge of the drivers of value creation along with a global network of relationships to technology's high-growth sectors, such as global internet, mobility, SaaS, cloud and big data, next gen infrastructure, and energy and industrial technology.
"I am very excited about the combination of Pacific Crest and KeyBanc Capital Markets," said Chairman and CEO of Pacific Crest Securities, Scott Sandbo. "The impact of technology in traditional industries is nearing a tipping point. KeyBanc Capital Markets does great work in these sectors and I am confident our teams working together will provide an unmatched level of insight and advice on a trend that is shaping virtually every area of the economy."
The transaction is subject to regulatory approval and customary closing conditions and expected to close in the third quarter of 2014.
KeyCorp was advised by its own wholly owned subsidiary, KeyBanc Capital Markets Inc.