UPDATE, 11/13/12, 5:35 p.m. EST: Covington & Burling corporate partner Jack Bodner is advising UBS Securities in its role as financial adviser to Leucadia’s board of directors.

Holding company Leucadia National Corporation said Monday it will acquire the investment bank Jefferies Group, Inc.—in which it already holds a 28.6 percent stake—in an all-stock transaction worth roughly $2.8 billion.