U.S. investment group Leucadia to sell stakes in two non-financial companies

U.S. investment company Leucadia National Corp, the parent of investment bank Jefferies Group LLC, said it would sell stakes in two non-financial companies for about $1.33 billion and reorganize its operations to focus on investment banking and advisory services.

Leucadia said it would sell a 48 percent stake in National Beef to Brazilian food processing company Marfrig for about $900 million in cash, and all its stake in auto dealership services provider Garcadia to the Garff family for $425 million. The company expects a pre-tax gain of up to $1.2 billion from the transactions.

The company, which will offer investment banking, capital markets and merchant banking services, will continue to use the Leucadia name in its asset management and merchant banking services.

Leucadia acquired Jefferies Group Inc in 2012 for $2.76 billion.