By Reuters Staff
2 Min Read
TOKYO (Reuters) -Sumitomo Mitsui Financial Group Inc plans to buy nearly 5% of Jefferies Financial Group Inc shares for $386 million, the U.S.-based company said on Wednesday, as the Japanese firm looks to boost its presence in the United States.
FILE PHOTO: A man walk past a signboard of Sumitomo Mitsui Banking Corporation's signboard at its branch in Tokyo, Japan, January 25, 2017. Picture taken on January 25, 2017.REUTERS/Kim Kyung-Hoon
The companies will also form a partnership to seek cross-border M&A opportunities involving Japanese companies, New York-based Jefferies said bit.ly/3iauf5j.
Japan’s second-biggest lender by assets will also provide a $1.65 billion revolving credit facility and a $250 million subordinated loan to support Jefferies’ lending capabilities.