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By Nicholas G. Miller
Jefferies Financial Group agreed to acquire a 50% stake in Hildene Holding Company, the parent company of credit-focused asset manager Hildene Capital Management.
New York-based Jefferies first established a partnership with Hildene in 2022, which gave it a revenue share in Hildene's asset-management business. Jefferies on Monday said it would exchange its revenue share, a portion of its interest in a Hildene-managed private fund, and $340 million in cash for the 50% stake.
The companies also said Hildene agreed to acquire the parent company of SILAC Insurance Company, a provider of fixed indexed annuities, for $550 million in cash.
The transactions are expected to close in the third quarter of 2026.
Jefferies' $340 million investment will be funded by a more-than-$500 million reduction in its investment in certain platforms and strategies in its Leucadia Asset Management division in 2026, the investment-banking firm said.
Write to Nicholas G. Miller at nicholas.miller@wsj.com.
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