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FOR IMMEDIATE RELEASE Jefferies to Broaden Profile in Technology Sector with Acquisition of Broadview Deal Expands Investment Banking for Middle-Market Technology and Growth Companies, Leverages Jefferies' Platform in Trading, Research and Asset Management NEW YORK, Dec 19, 2003 (BUSINESS WIRE) -- Jefferies Group, Inc. (NYSE: JEF) today announced that it has entered into a definitive agreement to acquire Broadview International, a leading M&A advisor to technology companies. The acquisition is expected to be completed by year-end. Broadview employs more than 75 investment bankers in offices in New York, Silicon Valley, Boston and London. Founded in 1973, the firm has provided clients with advice on merger and acquisition transactions, restructurings and strategic private placements. Over the last five years, Broadview has completed 321 M&A transactions worth a total of $54.3 billion, including 96 public-to-public transactions. Reflecting the global reach of its professionals, the total includes 44 transactions for companies based in Europe or Asia. The addition of Broadview, with its complementary industry and product offerings, is a key component of Jefferies' strategic expansion into the technology sector, where the firm is already a significant institutional trader. The transaction represents an important continuation of Jefferies' strategy to create the leading investment bank serving middle-market companies and their investors. Richard B. Handler, Chairman and CEO of Jefferies, commented, "A significant presence in the technology sector is key to our building the leading firm serving middle-market investors and issuers. This partnership combines Jefferies' strong investment banking, trading, research and asset management capabilities with the extensive technology industry knowledge and expertise of Broadview, and is an example of our ongoing plan to leverage the Jefferies platform in strategic areas." "The consolidation of technology investment banking has left growth companies and their venture capital investors largely underserved," remarked Paul F. Deninger, Chairman and CEO of Broadview Holdings LLP. "Our combined offerings uniquely position us to better meet the needs of this market as we build the leading investment bank for middle-market technology and growth companies." With Broadview, Jefferies will be a leading provider of investment banking services for middle-market companies in growth industries, including aerospace & defense, business services, healthcare, knowledge services, media, and technology, among others. Due to the abundance of growth companies in the technology sector, this union is also a logical expansion of Jefferies' broader capabilities in serving the middle market, and is complementary on a number of levels. In mergers and acquisitions, the number of transactions completed by Jefferies and Broadview, in total, would rank ninth among all financial advisors for the first ten months of 2003, according to Mergerstat. Broadview's international banking presence further enhances Jefferies' efforts in Europe and Asia, which are primarily based in trading. In the capital markets, Jefferies is a leading institutional equity trader, ranking fourth as a Top 5 Trader of more than 1,800 Nasdaq stocks, over 350--or nearly 20%--of which are technology-related, according to AutEx(R), January through September 2003. In addition, Broadview, through its affiliated funds, Kennet Venture Partners and Broadview Capital Partners, also adds technology to Jefferies' areas of established expertise in asset management. "We are extremely pleased to welcome the partners and employees of Broadview to the Jefferies platform," said John C. Shaw Jr., President of Jefferies. "Broadview's M&A expertise and relationships in the technology industry complement Jefferies' outstanding capabilities in all aspects of the capital markets. Among other benefits, the enhanced knowledge they bring will improve our strong position as an institutional trader of technology stocks." Alec L. Ellison, President of Broadview International, LLC, added, "Our clients will greatly benefit from Jefferies' quality distribution and access to the equity, convertible and high yield markets, as well as the firm's expertise in restructuring and other financial advisory services. We are excited about becoming Jefferies shareholders and look forward to integrating Broadview's industry expertise with the broader Jefferies platform as we bring the capabilities of a powerful, full-service investment bank to our clients." Broadview will initially operate as a wholly owned subsidiary of Jefferies Group, Inc. Capital markets services will be provided by Jefferies Broadview, a new division of Jefferies & Company, Inc., the principal operating subsidiary of Jefferies Group, Inc. Mr. Deninger and Mr. Ellison will maintain their current responsibilities. Mr. Deninger will also become a Vice Chairman of Jefferies & Company, Inc. While terms were not disclosed, the transaction, similar to Jefferies' acquisition of Quarterdeck Investment Partners, LLC in 2002, will be completed with a combination of stock and cash and is expected to be accretive. About Broadview Broadview is a leading global M&A advisor focused on the information, communications and healthcare technology industries. Broadview's network includes nearly 150 employees in offices in New York, Silicon Valley, Boston and London. For 30 years, Broadview International has provided clients with advice on merger and acquisition transactions, restructuring and strategic private placements. The firm is also an investor in these industries in the U.S. and Europe through its affiliated funds, Kennet Venture Partners and Broadview Capital Partners. About Jefferies Jefferies Group, Inc. (NYSE: JEF) is a holding company whose affiliated companies, including its principal operating subsidiary, Jefferies & Company, Inc., offer a variety of services for institutional investors and middle-market companies. Subsidiaries of Jefferies Group, Inc., together, comprise a full-service investment bank and institutional securities firm focused on the middle market. Jefferies offers financial advisory, capital raising, mergers and acquisitions, and restructuring services to small and mid-cap companies. The firm provides outstanding trade execution in equity, high yield, convertible and international securities, as well as fundamental research and asset management capabilities, to institutional investors. Additional services include correspondent clearing, prime brokerage, private client services and securities lending. The firm's leadership in equity trading is recognized by numerous consulting and survey organizations, and Jefferies' subsidiary, Helfant Group, Inc., executes approximately eleven percent of the daily reported volume of the NYSE. Through its subsidiaries, Jefferies Group, Inc. employs more than 1,400 people in offices worldwide, including Atlanta, Boston, Chicago, Dallas, London, Los Angeles, New York, Paris, San Francisco, Tokyo, Washington and Zurich. Further information about Jefferies, including a description of investment banking, trading, research and asset management services, can be found at www.jefco.com. This press release contains statements that may constitute "forward-looking statements" within the meaning of the safe harbor provisions of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These forward-looking statements contain expectations regarding our goals and objectives. These forward-looking statements include the word "will", "expected" or other similar expressions. These forward-looking statements represent only our belief regarding future events, many of which, by their nature, are inherently uncertain and outside of our control. Actual results could differ materially from those projected in these forward-looking statements. Please refer to our recent Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 9, 2003 and other filings we make with the Securities and Exchange Commission for a discussion of important factors that could cause actual results to differ materially from those projected in these forward-looking statements. We do not assume any obligation to update any forward-looking statement we make. SOURCE: Jefferies Group, Inc. Jefferies Group, Inc. |
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