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Goldman Sachs to Acquire Benjamin Jacobson & Sons, L.L.C.


New York – The Goldman Sachs Group, Inc. (NYSE:GS) today announced a definitive agreement to acquire Benjamin Jacobson & Sons, L.L.C., a leading specialist firm on the floor of The New York Stock Exchange (NYSE), for approximately US$250 million in stock and cash. The transaction is subject to regulatory approvals and other customary closing conditions.

Founded in 1931, Benjamin Jacobson provides specialist services in the securities of approximately 90 U.S. and international corporations, including 15 stocks in the Standard & Poor's 500 Index and 15 non-U.S. issues. The firm's operations will be combined with those of Spear, Leeds & Kellogg, one of the largest specialist firms on the NYSE. Goldman Sachs completed its merger with Spear, Leeds & Kellogg in the fourth quarter of 2000.



The Goldman Sachs Group, Inc. is a leading global investment bank and securities firm, providing a full range of investing, advisory and financing services worldwide to a substantial and diversified client base, which includes corporations, financial institutions, governments and high net worth individuals. Founded in 1869, the firm is headquartered in New York and maintains offices in London, Frankfurt, Tokyo, Hong Kong and other major financial centers around the world.