Shares of Jefferies Financial Group Inc. (JEF) are climbing more than 9% Wednesday morning after the company announced strategic partnership with Sumitomo Mitsui Banking Corporation (SMBC).
As per the deal, the two companies will collaborate in the corporate and investment banking business.
SMBC Group is expected to provide financing to Jefferies Finance LLC as $1.65 billion in revolving credit facility and $250 million subordinated loan, and $350 million to Jefferies Group LLC as revolving credit facility.
Additionally SMBC Group intends to Purchase up to 4.9% of Jefferies common Shares in the open market, about $386 million equity investment based on the closing stock price as of July 13, 2021.
JEF touched a new high of $35.17, before sliding to trade at $34.82 currently.
For comments and feedback contact: editorial@rttnews.com
Business News
June 12, 2026 17:14 ET Major central bank action was the focus this week in economic news. The European Central Bank became the first major central bank to move in response to the rising inflationary pressures in the backdrop of the conflict in the Middle East. In North America, the U.S. inflation and trade data as well as Canada’s central bank decision gained attention. The Chinese trade data was the main news in Asia.