DRC: Royal Bank of Canada Brings Home a Great Dain - TheStreet

Brokerage

Dain Rauscher

(DRC)

is being acquired by the

Royal Bank of Canada

(RY) - Get Report

for $1.46 billion, the companies announced this morning.

Each share of Dain Rauscher stock will convert into the right to receive $95 in cash. The stock closed at $78.88 yesterday. The company, a brokerage firm based in Minneapolis, provides investing services to clients in the western part of the United States.

Dain Rauscher will be renamed RBC Dain Rauscher Wessels.

The purchase by Royal Bank of Canada continues a recent trend of acquisitions of brokerages and investment banks.

PaineWebber

( PWJ),

Donaldson Lufkin & Jenrette

( DLJ), and

J.P. Morgan

(JPM) - Get Report

have all been snapped up in the last couple of months. Two of those acquisitions were also by companies based outside the United States.

TheStreet.com

wrote about the

PaineWebber,

DLJ and

J.P. Morgan deals in separate articles.