Jefferies Financial Group has entered into a definitive agreement to sell its remaining 31% interest in National Beef to Marfrig Global Foods. This follows its 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 Nov. 30, 2019, subject to limited and customary closing conditions.

“With this sale, we bring to a close Jefferies’ incredibly successful investment in National Beef,” said Rich Handler, CEO, and Brian Friedman, president of Jefferies. “Having initially invested $868 million to acquire 79% of National Beef eight years ago, we persevered during National Beef’s severe downturn and were rewarded with strong cash distributions from operations, and now the sale of our remaining interest. We will have realized an aggregate of almost $3 billion in cash, or 3.3 times our original investment in National Beef.”

Press release

Marfrig presentation (pdf)

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