Nov. 12 - Investment company Leucadia will buy a remaining stake in Jefferies Group in a deal that values the investment bank at $3.6 billion. Conway G. Gittens reports.
3.6 billion dollars is our daily digit today. This is how much investment bank Jefferies Group is worth to Leucadia National, an investment company, is adding the remaining stake of Jefferies to its wide array of assets. The deal bolsters Jefferies' balance sheet as it tries to position itself as a full-fledged Wall Street bank instead of a niche player. It could also bolster confidence in Jefferies. The deal comes less than a month after its credit rating was cut to one notch above junk by rating agency Moody's, which said Jefferies' growth strategy was too aggressive in the current market environment. Leucadia, for its part, has been called a mini Berkshire Hathaway for its holdings ranging from real estate to mining, including the 29 percent of Jefferies it already owns.