This just in from CNBC, boutique investment bank Jefferies is being sold to Leucadia in a $3.7 billion year.
Leucadia ($LUK) is a holding company that engages in a variety of businesses from gaming to energy to real estate.
Leucadia already had a big stake in Jefferies. In fact, when a lot of people thought the bank would follow defunct broker-dealer MF Global and fall under the weight of its European debt exposure last fall, Leucadia doubled down on its investment and increased its share in the bank to 57.5 million shares, or 29% of the company.
We caught the news from a CNBC Tweet:
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