Jefferies Group, Inc. has announced that it has acquired LongAcre Partners, the leading, London-based corporate advisory firm focused on the European media and online sector. This acquisition is the next step in the ongoing expansion of the Jefferies global investment bank, a leading financial advisor, underwriter and institutional securities firm serving growing companies and their investors, and follows the firm’s recent appointment of David Weaver as Head of International Investment Banking based in London. 

Jefferies International Limited, the UK-incorporated wholly-owned subsidiary of the Group, is a member of the London Stock Exchange and is an approved NOMAD on the London Stock Exchange’s AIM market. Core sector practices based in London include technology, energy, aerospace and defence, healthcare, cleantech, shipping and logistics. 

LongAcre Partners, founded in August 2000, will contribute deep expertise in the media and internet sector, reflected by its role advising on transactions worth a total of circa $6 billion in 2006. Those transactions included the $200 million sale of Celador, the production company behind ‘Who Wants To Be A Millionaire?’, the $600 million acquisition of automotive data group EurotaxGlass’s, the $380 million sale of uSwitch, the internet price comparison company, and the $320 million sale of Friends Reunited, the leading UK online social network. As a result of the transaction, John Botts will be stepping down as Chairman of LongAcre Partners.

Richard Handler, Chairman and CEO of Jefferies, commented:“Jefferies’ acquisition of LongAcre accelerates our effort to build our global investment banking platform in all of our focus industries. We are extremely pleased to welcome to Jefferies our new partners, whose extensive relationships and industry expertise meaningfully enhance our European and global presence in the media sector.”

Jonathan Goodwin, Chief Executive and Co-Founder of LongAcre, said: "LongAcre has built an enviable reputation in investment banking services for the media and communications industry. As we considered the next phase of our expansion, it became clear that Jefferies would offer a close cultural fit, a platform from which to build and broaden our services, and a parent able to help us drive the business forward. My partners and I see great opportunity in joining Jefferies’ thriving platform.”

While terms of the acquisition were not disclosed, the transaction is similar in structure to Jefferies' other recent acquisitions and was completed with a combination of stock, cash and future payments. FSA approval has been received and the transaction is expected to close within a week.

As Jefferies seeks continued growth, the firm intends to extend globally its strong US franchise as the investment bank of choice for growing companies. Jefferies worked on more than 350 transactions worth over $145 billion during 2006, with 165 debt and equity capital raisings and 190 merger, acquisition and restructuring engagements, including more than 80 transactions worth over $23 billion for European and Asian companies.