Piper Jaffray to buy Simmons for energy dealmaking push

• Piper Jaffray (PJC -3.5%) is lower after earlier agreeing to acquire energy dealmaker Simmons & Co. for $139M in cash and stock.
• PJC says the move adds more than 170 professionals offering M&A advice, equity research and sales and trading.
• "We recognize that we’re stepping into a difficult part of the cycle, but the long-term prospects and fit is very appealing to us," PJC CEO Andrew Duff says.