Jefferies To Sell Its Remaining 31% Stake In National Beef To Marfrig

(RTTNews) - Jefferies Financial Group Inc. (JEF) said that it agreed to sell its remaining 31% interest in National Beef to Marfrig Global Foods. It follows its original sale to Marfrig of a 48% interest in National Beef in June 2018.

As per the terms of the deal, Jefferies will realize a total of $970 million in cash, including $860 million of proceeds from Marfrig and $110 million from final distributions from National Beef. Closing is expected on or about November 30, 2019, subject to limited and customary closing conditions.

The transaction will result in a pre-tax gain of about $210 million being recognized by Jefferies.