Jefferies has acquired Long-Acre, a media-focused mergers and acquisitions boutique investment bank, marking the US-based mid-market investment bank's latest push into Europe.

Jefferies did not disclose the value of the transaction, but it is understood to be paying about £40m, or 2.5 times LongAcre's 2006 revenue, which is at the upper end of the range that UK-based investment banks have fetched recently.