Societe Generale to Acquire Most of Jefferies Bache Futures Activities
April 09 2015 - 8:00AM
Business Wire
Jefferies Group LLC announced today that it has entered into a
definitive agreement for Societe Generale S.A. to acquire most of
the futures activities of Jefferies’ Bache business. Under the
terms of that agreement, a majority of the client activities
currently serviced by Bache will be transferred to Societe
Generale, which has the diversified platform, solid balance sheet
and deep experience that will result in a seamless transition for
the business. The transaction, which remains subject to closing
conditions in the agreement, is expected to close in the second
quarter of 2015. From now through the transaction’s close,
Jefferies will exit remaining Bache futures and commodities
activities. Jefferies estimates this transaction and winding up the
balance of the Bache business will result in one-time costs of
about $66 million after-tax, of which $23 million are non-cash and
the majority of the balance is compensation, severance and
technology-related. Exiting this business is expected to be
accretive to Jefferies’ future earnings.
Jefferies, the global investment banking firm focused on serving
clients for over 50 years, is a leader in providing insight,
expertise and execution to investors, companies and governments.
The firm provides a full range of investment banking, sales,
trading, research and strategy across the spectrum of equities,
fixed income, foreign exchange, futures and commodities, as well as
wealth management, in the Americas, Europe and Asia. Jefferies
Group LLC is a wholly-owned subsidiary of Leucadia National
Corporation (NYSE:LUK), a diversified holding company.
Jefferies Group LLCRichard Khaleel, +1
212-284-2556rkhaleel@jefferies.com
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