April 9, 2018 / 12:13 PM / 12 days ago

UPDATE 1-Leucadia sells stakes for $1.33 bln, renames as 'Jefferies'

(Adds details on new ticker, background, estimated gain from the deals)

April 9 (Reuters) - Leucadia National Corp said on Monday it will sell its stakes in two businesses for about $1.33 billion to focus on its financial business, and rename itself Jefferies Financial Group Inc.

As Jefferies, the company will offer clients investment banking, capital markets and merchant banking services. The company will continue to use the Leucadia name in its asset management and merchant banking services, it said.

Jefferies Financial Group will trade on the New York Stock Exchange under ‘JEF’ after shareholders approve the name change at its next meeting.

Leucadia National, which models itself on Warren Buffett's Berkshire Hathaway Inc and owns companies ranging from real estate to mining, had bought reut.rs/2H8D4vX Jefferies Group Inc in 2012 for $2.76 billion.

Leucadia said on Monday it will sell a 48 percent stake in National Beef to Brazilian food processing company Marfrig for about $900 million in cash, and all of its stake in auto dealership services provider Garcadia to the Garff family for $425 million. reut.rs/2H4hMjn.

It expects pre-tax gain of up to $1.2 billion from both the transactions. (Reporting By Aparajita Saxena in Bengaluru; Editing by Shailesh Kuber)

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