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Covington Advises UBS in $3.6 Billion Leucadia National Corp. Deal

November 12, 2012

NEW YORK, November 12, 2012 — Covington & Burling represented UBS Securities LLC, financial advisor to Leucadia National Corporation (NYSE: LUK), in its announced $3.6 billion acquisition of Jefferies Group, Inc. (NYSE: JEF).

Under the terms of the agreement, Leucadia will issue to shareholders holding the 71.4 percent of outstanding common stock of Jefferies which Leucadia does not already own 0.81 shares of Leucadia common stock for each share of Jefferies common stock. This exchange is intended to be tax-free to Jefferies’ shareholders. The transaction, expected to close during the first quarter of 2013, is subject to customary closing conditions, including approval to effect the merger by both Leucadia and Jefferies shareholders.

The New York-based Covington corporate team was led by partner Jack Bodner, with associate Matthew Fox.

UBS provides investment banking and securities, wealth management, asset management and retail and corporate banking services worldwide. Leucadia is a diversified holding company engaged through its consolidated subsidiaries in a variety of businesses, including beef processing, manufacturing, gaming entertainment, real estate activities, medical product development and winery operations. Jefferies is a global investment banking firm focused on serving clients for over 50 years.

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