April 9, 2018 / 11:21 AM / 14 days ago

BRIEF-Leucadia National Corp Announces Strategic Transactions

April 9 (Reuters) - Leucadia National Corp:

* LEUCADIA NATIONAL CORPORATION ANNOUNCES STRATEGIC TRANSACTIONS THAT COMPLETE TRANSFORMATION TO DIVERSIFIED FINANCIAL SERVICES COMPANY TO BE RENAMED JEFFERIES FINANCIAL GROUP INC.

* LEUCADIA’S BOARD APPROVES INCREASED SHARE BUYBACK PROGRAM OF UP TO 25 MILLION SHARES

* TO SELL 48% OF NATIONAL BEEF TO MARFRIG GLOBAL FOODS S.A. AT A $2.3 BILLION ENTERPRISE VALUATION

* TO SELL 100% OF ITS EQUITY INTEREST IN GARCADIA, ITS AUTO DEALER GROUP, AND RELATED REAL ESTATE AT A $675 MILLION ENTERPRISE VALUATION

* ENTERED INTO A DEFINITIVE AGREEMENT TO SELL 48% OF NATIONAL BEEF TO MARFRIG, FOR ABOUT $900 MILLION IN CASH

* AGREEMENT TO SELL 48% OF NATIONAL BEEF TO MARFRIG, REDUCES LEUCADIA’S OWNERSHIP IN NATIONAL BEEF TO 31%

* 850 MILLION

* LEUCADIA EXPECTS TO RECEIVE AN ADDITIONAL ESTIMATED $150 MILLION IN DISTRIBUTIONS PRIOR TO DEAL CLOSING

* MARFRIG AGREED TO ACQUIRE FURTHER 3% OF NATIONAL BEEF FROM OTHER SHAREHOLDERS AND WILL OWN 51% OF NATIONAL BEEF

* CO WILL HAVE 2 BOARD SEATS & SERIES OF OTHER RIGHTS IN RESPECT OF CONTINUING EQUITY INTEREST, WITH A LOCKUP PERIOD OF 5 YEARS

* CO TO SELL EQUITY INTEREST IN GARCADIA, & RELATED REAL ESTATE AT A $675 MILLION ENTERPRISE VALUATION

* TAX GAIN OF ABOUT $220 MILLION ON GARCADIA DEAL

* LEUCADIA NATIONAL CORP SEES Q1 NET INCOME ATTRIBUTABLE TO LEUCADIA NATIONAL COMMON SHAREHOLDERS OF $0.32 TO $0.35 PER DILUTED SHARE

* LEUCADIA SHAREHOLDERS TO VOTE AT ANNUAL MEETING ON PROPOSAL TO CHANGE NAME OF CORPORATION TO JEFFERIES FINANCIAL GROUP INC

* CO ANTICIPATES IT WILL HAVE NET TAX BENEFIT FOR Q1 DUE TO REVERSAL OF VALUATION ALLOWANCES RELATED TO DEFERRED TAX ASSETS Source text for Eikon: Further company coverage:

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