Jefferies and SMBC Group’s Significant Expansion of Global Strategic Alliance

On September 19, 2025, Jefferies Financial Group, Inc. ("Jefferies") and Sumitomo Mitsui Financial Group, Inc., Sumitomo Mitsui Banking Corporation, and SMBC Nikko Securities Inc. (collectively, "SMBC Group") announced they are significantly expanding their Global Strategic Alliance. This will include a joint venture to combine their Japanese equities and ECM businesses. As part of this expansion, SMBC intends to increase its equity ownership in Jefferies to up to 20% in the open market. Cravath is representing Jefferies in connection with the transactions.

The Cravath team is led by partners Michael E. Mariani and Jin-Kyu Baek and includes of counsel Patrick S. Taylor, associates Monica He and Mariel V. Mok and foreign associate attorney Timo Alessandro Hasler on M&A matters; partners Andrew J. Pitts and C. Daniel Haaren on capital markets matters; partner Jeffrey T. Dinwoodie, of counsel Lucas Edward Beirne and associates Max D. Brashear and Justin M. Williams on financial regulatory matters; partner Ron Creamer and associate Jessica Shung on tax matters; partner Amanda Hines Gold and associate Caroline Wyatt on executive compensation and benefits matters; partner David J. Kappos, senior attorney Carys J. Webb and associate Callum A.F. Sproule on intellectual property matters; and of counsel Nicole M. Peles on antitrust matters.