Term Sheet

The latest on private equity, M&A, deals and movements — from Wall Street to Silicon Valley

M&A

November 12, 2012: 10:36 AM ET

Leucadia National Corp. (NYSE: LUK) has agreed to acquire Jefferies Group (NYSE: JEF), in an all-stock deal valued at approximately $3.6 billion. Leucadia already holds around a 28.6% stake in Jefferies, whose shareholders will receive 0.81 of a Leucadia share for each of their shares. The deal is expected to close in Q1 2013. Jefferies CEO Richard Handler will become CEO of Leucadia, while current Leucadia boss Ian Cumming will retire but remain on the combined company's board of directors. www.jefferies.com

Julius Baer has agreed to acquire a 19.9% stake in Italian money manager Kairos Investment Management, for an undisclosed amount. www.juliusbaer.com

The Blackstone Group has cut its stake in Deutsche Telekom from 4.44% in early August to 2.93% in a November 6 filing. www.blackstone.com

Precision Castparts (NYSE:PCP) has agreed to acquire Titanium Metals Corp. (NYSE: TIE), a Dallas-based maker of titanium melted and mill products, for approximately $2.9 billion, or $16.50 per share (42.6% premium to Friday's closing price). Sellers include Texas billionaire Harold Simmons.www.timet.com

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Dan Primack
Dan Primack
Senior Editor, Fortune

Dan Primack joined Fortune.com in September 2010 to cover deals and dealmakers, from Wall Street to Sand Hill Road. Previously, Dan was an editor-at-large with Thomson Reuters, where he launched both peHUB.com and the peHUB Wire email service. In a past journalistic life, Dan ran a community paper in Roxbury, Massachusetts. He currently lives just outside of Boston.

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