NEW YORK — Jefferies Financial Group Inc. (NYSE:JEF), formerly known as Leucadia National Corporation, today announced that it has closed its previously announced sale of 48% of National Beef to Marfrig, reducing Jefferies’ ownership in National Beef to 31%. Jefferies received a total of about $1.1 billion in cash, including sales proceeds and related pre-closing distributions. The estimated pre-tax gain resulting from this sale, which will be included in the second quarter results of Jefferies Financial Group, is about $860-880 million, subject to typical post-closing adjustments. Jefferies’ CEO, Rich Handler, and President, Brian Friedman, noted, “The closing of this strategic transaction, designed to “right-size” Jefferies’ investment in National Beef, is an important step in Jefferies Financial Group’s transformation to a diversified financial services company.”
Source: Jefferies Financial Group Inc.