Jefferies Agrees to Sell Remaining 31% Interest in National Beef to Marfrig
Jefferies Financial Group Inc. announced today that it has entered into a definitive agreement to sell its remaining 31% interest in National Beef to Marfrig Global Foods. This follows our original sale to Marfrig of a 48% interest in National Beef in June 2018. Under the terms of this agreement, 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 approximately $210 million being recognized by Jefferies. Our last published valuation of our remaining interest in National Beef was $903 million as of May 31, 2019. Since that date, we have received $66 million in distributions and now...
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