The challenges faced by Wall Street’s independent investment banks were highlighted yesterday as conglomerate Leucadia Nationalagreed to buy Jefferiesin an all-share deal valuing the biggest of the remaining broker-dealers at about $3.6bn.
The acquisition follows a period of uncertainty for Jefferies, which was hit by a funding crisis last year following the failure of rival MF Global.
Despite its relatively high valuation – a 24 per cent premium to its market value of $2.9bn at the close of business on Friday – the Jefferies deal is likely to set off a wave of speculation about the prospects of other investment banks that fund themselves in the capital markets.
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