Tedesco spent 16 years at Citigroup Inc., most recently as the head of technology mergers and acquisitions, New York-based Jefferies said in a statement today. He will be based in the firm’s Silicon Valley office in Foster City, California. Bloomberg News previously reported Tedesco’s hiring in October, citing two people familiar with the matter.
“Michael Tedesco is one of the most accomplished M&A bankers in the technology sector,” Benjamin Lorello, global head of investment banking and capital markets at Jefferies, said in the statement.
Investment banks are girding for a surge in mergers this year, with Jefferies bolstering its team in 2010 by hiring dealmakers from Credit Suisse Group AG, Blackstone Group LP and Barclays Plc. Deals handled by Jefferies dropped to $46.3 billion last year from $55.6 billion in 2009, according to data compiled by Bloomberg.
Tedesco represented Affiliated Computer Services Inc. when it was sold to Xerox Corp. for $7.6 billion in February. He received a Master’s in Business Administration from Harvard Business School and a Bachelor of Science from Montana State University, according to the statement.
Tedesco left Citigroup in October, according to the people, who declined to be identified because the move wasn’t made public. His departure followed the resignation of Mark Simonian, Citigroup’s global head of telecommunications, media and technology, who left in May to join Credit Suisse as co-head of telecommunications, media and technology investment-banking in New York.
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