Leucadia National Corporation is an American conglomerate and
investment holding company based in New York City. The company has
been called "baby Berkshire" since it models its investment strategy
after that of Berkshire Hathaway. The company was named after the
Leucadia, Encinitas, California
Leucadia, Encinitas, California after the founders, while
trying to decide on a name for the company, saw the name of the town
on a sign during a road trip.
1.1 Financial Services
4 External links
The company's major holdings are as follows:
Jefferies Group (100%) - investment banking & capital markets
Berkadia Commercial Mortgage (50/50 joint venture with Berkshire
Hathaway) - commercial mortgage banking, investment sales and
HomeFed (65% ownership) - real estate
FXCM (49.9%) - online foreign exchange trading
Foursight Capital (100%) - vehicle finance
National Beef Packing Company
National Beef Packing Company (79%) - beef processing
HRG Group (23%) - insurance and consumer products
Vitesse Energy (96%) - oil and gas exploration and development
Juneau Energy (98%) - oil and gas exploration and development
Garcadia Holdings (75%,
Joint venture with Ken Garff Automotive Group)
- automobile dealerships
Linkem (57%) - fixed wireless broadband services
Golden Queen (35%) - a gold and silver mining project
Idaho Timber (100%) - manufacturing
In 1970, Ian Cumming and Joseph S. Steinberg both graduated in from
Harvard Business School
Harvard Business School and went to work for Carl Marks & Company,
an investment bank.
In 1979, they gained control of Talcott National Corporation, sold the
James Talcott Factors division, and, in 1980, they renamed the company
In 1984, the company made a $61 million profit on its $77 million
investment in Avco Corporation by forcing the sale of the company to
In 1991, the company acquired insurer Colonial Penn from Florida Power
& Light for $150 million.
In 1997, the company sold the life insurance division of Colonial Penn
Conseco for $460 million and sold the auto insurance division of
Colonial Penn to
GE Capital for $950 million.
In 1998, the company sold Charter National Life Insurance and
Intramerica Life Insurance to Allstate.
In 2002, the company received a 44% stake in WilTel Communications
Group as a result of a bankruptcy reorganization.
In May 2003, the company made an offer to acquire the remaining shares
of WilTel Communications Group that it did not already own.
In August 2003, after increasing its offer, the company acquired the
remaining shares of WilTel Communications Group.
In September 2003, the company acquired RehabWorks.
In January 2004, the company financed Pershing Square Capital
Management, a hedge fund managed by Bill Ackman.
In July 2004, the company sought, but failed, to buy a controlling
stake in MCI Communications. In September 2004, the company
sold its stake in MCI for a $20 million profit.
In 2005, the company sold WilTel Communications Group to Level 3
Communications for a $180 million profit.
In 2007, the company acquired ResortQuest International from Gaylord
Hotels for $35 million.
In 2009, the company entered into a 50/50 joint venture with Berkshire
Hathaway called Berkadia, which acquired the North American loan
origination and servicing business of Capmark Financial Group.
In 2010, the company sold ResortQuest International to Wyndham
Worldwide for $56 million in cash.
In 2011, the company acquired a 79% interest in National Beef Packing
Company for $867.9 million.
In 2012, the company proposed building a $3 billion syngas facility in
south Chicago to convert coal and petroleum waste into natural gas;
however, the plant never received legislative approval.
In 2013, the company merged with
Jefferies Group and Richard Handler
became chief executive officer of the company.
In 2015, the company made an investment in
losses due to the appreciation of the Swiss Franc.
In 2016, the company restructured its investment in FXCM.
^ a b c d e f g
Leucadia National Corporation 2016 Form 10-K Annual
^ Berkowitz, Ben (November 12, 2012). ""Baby Berkshire" Leucadia
matures with Jefferies deal". Reuters.
^ a b Ditz, Jason (July 25, 2014). "Underpants, Ground Beef, and Car
Dealerships: A History of Leucadia National". The Motley Fool.
^ a b c CRUDELE, JOHN (May 25, 1985). "LEUCADIA: SUCCESSFUL LONER".
The New York Times.
^ KOLODY, TRACY (April 6, 1991). "Fpl Group Finds Buyer For Insurer
Colonial Penn Brings In $150 Million". Sun-Sentinel.
Conseco Planning to Acquire Colonial Penn". Bloomberg News. The New
York Times. May 1, 1997.
GE Capital to Buy Colonial Penn". Reuters. Los Angeles Times. July
Allstate to buy 2 Leucadia companies". Bloomberg News. Deseret
News. December 22, 1998.
^ "Williams Communications emerges from bankruptcy as WilTel".
American City Business Journals. October 16, 2002.
Leucadia National Corporation Proposes to Acquire WilTel
Communications Group, Inc. Common Stock" (Press release). Business
Wire. May 15, 2003.
^ "Hardware: Leucadia To Acquire Remainder Of Wiltel". Bloomberg News.
The New York Times. August 13, 2003.
^ George, John (September 29, 2003). "
Leucadia National buys
RehabWorks". American City Business Journals.
^ Swarts, Will (January 12, 2004). "Gotham Partners' Ackman Back in
Hedge Fund Game". TheStreet.com.
^ BELSON, KEN (July 13, 2004). "Leucadia Seeks to Buy Controlling
Stake in MCI". The New York Times.
^ Tharp, Paul (July 13, 2004). "LEUCADIA EYES MCI TAKEOVER". The New
^ Stern, Christopher (September 28, 2004). "Declared Suitor Sells Its
Stake In MCI". The Washington Post.
Leucadia National Corporation Completes Sale of WilTel
Communications Group, LLC to Level 3 Communications, Inc" (Press
release). Business Wire. December 23, 2005.
^ "Gaylord Sells Mainland ResortQuest Business". Hotel Business
Review. June 5, 2007.
^ "Berkadia Commercial Mortgage LLC Completes Acquisition of Capmark's
North American Loan Origination and Servicing Business" (Press
release). Business Wire. December 11, 2009.
^ "Wyndham to buy ResortQuest for $56 million". Bloomberg News.
NJ.com. September 22, 2010.
Leucadia National Corporation Announces Agreement to Acquire
Control of National Beef and Declares $0.25 Per Share Cash Dividend"
(Press release). Business Wire. December 5, 2011.
^ Hawleyt, Brenna (December 6, 2011). "National Beef owners reach
$867.9M deal to sell majority stake to Leucadia". American City
^ Murtaugh, Dan (January 12, 2012). "Illinois ruling hurts Leucadia
synthetic gas proposal". The Birmingham News.
Leucadia National Corporation and Jefferies Group, Inc. Merger to
Be Effective March 1, 2013" (Press release). Business Wire. February
^ Stone, Mike; Chavez-Dreyfuss, Gertrude; Toonkel, Jessica (January
16, 2015). "FX broker
FXCM gets rescue from Jefferies parent
^ "Leucadia and
FXCM Complete Long-Term Partnership Agreement" (Press
release). GlobeNewswire. September 1, 2016.
Business data for
Leucadia National Corporation: Google Finance