Jefferies Financial Group announced it will acquire a 50% interest in Hildene Holding Company, expanding a strategic partnership formed in 2022. Jefferies will exchange its existing revenue share, part of its stake in a Hildene-managed private fund, and $340 million in cash for half of the firm. Hildene’s principals will contribute their ownership and approximately $250 million of fund-related equity to retain the remaining 50%. The transaction is expected to close in Q3 2026, pending regulatory and client approvals.

The move coincides with Hildene’s agreement to acquire SILAC, an annuity provider, for $550 million. SILAC manages about $10 billion in admitted assets and originated $2.5 billion in annuities in 2024. After closing, Hildene will also hold a majority stake in its affiliated reinsurer, Hildene Re. Jefferies expects the investment to be immediately accretive, funded largely by reducing other Leucadia Asset Management exposures, and to generate a $75 million pretax gain upon revaluing its pre-existing interest.

Executives from both firms said the expanded partnership strengthens their long-term credit investment strategies and positions Hildene to scale its platform and broaden origination capabilities.