The Leucadia National Corporation said on Monday that it would buy the Jefferies Group in a deal valued at about $3.6 billion.
Shareholders of Jefferies will receive 0.81 of a Leucadia share for each of their shares, the announcement said. The transaction is expected to close in the first quarter of next year.
Upon the closing of the merger, Richard Handler, chairman and chief executive of Jefferies. will become the chief of Leucadia. Joseph Steinberg, Leucadia's president will become chairman of Leucadia and will continue to work full time as an executive.
Jefferies will continue to operate as a full-service global investment banking firm in its current form, and intends to regularly file financial reports to the S.E.C., the announcement said.
