Consistent with Jefferies Financial Group’s strategy to build one of the world’s leading independent investment banking and capital markets firms, Jefferies announced that OpNet SpA (the Italian wireless broadband provider formerly known as Linkem) announced that it has agreed to sell substantially all of its business to Wind. Tre SpA is a subsidiary of CK Hutchison Group Telecom Holdings Ltd. (CKHGT).
Under the terms of the sale agreement, the consideration will be EUR 485 million, subject to certain adjustments, cash in an amount sufficient to repay all of OpNet’s financial debt, transaction costs and other cash obligations; It will consist of approximately 225 million euros. He will be paid either in cash or in his three-year bonds (similar to CKHGT’s exchange-traded investment grade bonds and marketable) that CKHGT will issue upon CKHGT’s election. In addition to consideration of the CKHGT Notes, OpNet will retain majority ownership in other operating carriers, giving Jefferies a final value of approximately €320 million in the transaction, which is above the company’s current Exceeds book value. The sale is subject to regulatory approval and is expected to close in the second or third quarter of 2024.
Jefferies recently agreed to sell Foresight Capital LLC, an auto financing company, to One Main Holdings, Inc., and Golden Queen, a gold and silver mining company, to Andes Precious Metals.
To reflect the completion of the significant reduction of these legacy investments, Jefferies intends to reclassify the remaining legacy investments to the Asset Management reporting segment “Other Investments” in fiscal year 2024. Currently, the only individual investment of this size is in our real estate development company, HomeFed. We specialize in mixed-use master planned communities. The Company expects to operate HomeFed’s core business with solid long-term prospects and liquidate certain peripheral assets in an orderly manner.
Jeffries CEO Rich Handler, Jefferies President Brian Friedman
After more than a decade of optimizing and efficiently monetizing merchant banking assets and using the proceeds to reinvest in Jefferies and return capital to shareholders, we are proud to present the best “pure plays” on a global scale. I’m excited to get back to my roots: focusing on building. Investment banking company. With the support of more than 5,500 employee partners around the world, we are able to focus Jefferies’ efforts on our core business and achieve our goal of becoming a global leader in investment banking and capital markets. Ta. And we believe that our investment in human capital to expand and deepen our capabilities, along with our strategic partnership with SMBC, will position us well into 2024 and beyond.
