---
schema_version: "secwatch.filing_event.v1"
accession: "0000950157-23-000396"
form_type: "8-K"
ticker: "JEF"
cik: "0000096223"
company_name: "Jefferies Financial Group Inc."
filed_at: "2023-04-27T23:59:59+00:00"
generated_at: "2026-06-16T11:12:06.597503+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.75
calibrated_materiality_score: 0.75
confidence: "high"
source: SEC EDGAR
---

# Jefferies and SMBC Expand Strategic Alliance; SMBC to Increase Ownership to Up to 15%

## Summary
- SMBC to increase economic ownership to up to 15% on an as-converted, fully diluted basis via share purchases.
- SMBC will exchange voting common shares for non-voting convertible preferred at 500:1 rate, paying $1.50 per share exchanged.
- SMBC gets board designation right once economic ownership reaches 10% or more; total financial commitment ~$3.4B.
- Special shareholder meeting expected in July 2023 to approve creation of non-voting common stock.
- Alliance expanded to include joint coverage of U.S. investment-grade clients, equities, and M&A collaboration.

## SEC filing metadata
- accession: 0000950157-23-000396
- form_type: 8-K
- ticker: JEF
- cik: 0000096223
- company_name: Jefferies Financial Group Inc.
- filed_at: 2023-04-27T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.75
- calibrated_materiality_score: 0.75
- confidence: high
- sec_items: 1.01, 8.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/96223/000095015723000396/0000950157-23-000396-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/96223/000095015723000396/form8-k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0000950157-23-000396
- JSON: https://secwatch.observer/filing/0000950157-23-000396.json
- Plain text: https://secwatch.observer/filing/0000950157-23-000396.txt

## Key facts
- Material Agreements
  Jefferies Financial Group Inc. entered into Exchange Agreement with Sumitomo Mitsui Banking Corporation (effective 2023-04-27).
  - Action: entry
  - Counterparty: Sumitomo Mitsui Banking Corporation
  - Effective: 2023-04-27
  source text: On April 27, 2023, Jefferies Financial Group Inc. (the “ Company ”) entered into an Exchange Agreement (the “ Agreement ”) with Sumitomo Mitsui Banking Corporation, a joint stock company incorporated in Japan (“ SMBC ”), in connection with the expansion and strengthening of the Company’s strategic alliance with SMBC (the “ Alliance ”).
  evidence_url: https://www.sec.gov/Archives/edgar/data/96223/000095015723000396/0000950157-23-000396-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.