Stifel Shares Up 7% After Hours

Stifel Financial Corp. shares rose 6.7% in after-hours trading Monday after the company said it has agreed to buy privately held financial services company Sterne Agee Group Inc. The deal will increase Stifel's global wealth management professionals by 35% to more than 2,800 employees, and will complement Stifel's fixed-income segment with the addition of more than 200 professionals "with minimal overlap between the platforms," Stifel said. The acquired businesses are expected to generate approximately $300 to $325 million in gross annual revenues, it said. Terms were not disclosed, and the deal is expected to close in late spring.

Copyright © 2015 MarketWatch, Inc.