Jefferies Financial Group Closes Sale of Garcadia
NEW YORK--(BUSINESS WIRE)--Aug 20, 2018--Jefferies Financial Group Inc. (NYSE: JEF) today announced that it has closed its previously announced sale of 100% of its equity interest in Garcadia, its auto dealer group, to its current partners, the Garff family. Jefferies received $375 million in cash from the dealer group sale, and expects to close the agreed sale of the associated real estate later this month for a further $48 million in cash, net of the mortgage on the real estate.
The estimated pre-tax gain resulting from these sales, which will be included in the third quarter results of Jefferies, is approximately $220 million. Jefferies’ CEO, Rich Handler, and President, Brian Friedman, noted, “This is an opportune time for us to divest our auto dealer group. We thank CEO Brett Hopkins and the Garff family for a successful partnership and wish them well.”
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CONTACT: For Jefferies Financial Group Inc.
Laura Ulbrandt, 212-460-1900
KEYWORD: UNITED STATES NORTH AMERICA NEW YORK
INDUSTRY KEYWORD: AUTOMOTIVE PROFESSIONAL SERVICES BANKING FINANCE GENERAL AUTOMOTIVE
SOURCE: Jefferies Financial Group Inc.
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PUB: 08/20/2018 07:00 AM/DISC: 08/20/2018 07:01 AM