On May 31, 2023, it was announced that Great-West Lifeco Inc. will sell Putnam Investment to Franklin Templeton.
Under the terms of the transaction, Franklin Resources, Inc., operating as Franklin Templeton (“Franklin”), will acquire Putnam Investments (“Putnam”) in a deal expected to close in the fourth quarter of 2023. The deal will see Franklin make upfront payments worth approximately $1 billion, consisting of 33.33 million Franklin shares at closing and $100 million in cash 6 months post-closing, with the remainder paid within 3-7 years. The total value of the deal is estimated to be $1.7-1.8 billion.
Franklin (NYSE: BEN), based in San Mateo, California, is a global investment management firm offering services in fixed income, equity, alternatives and multi-asset solutions. As of May 31, 2023, Franklin had approximately $1.4 trillion in assets under management.
Putnam Investments, based in Boston, is a global asset management firm with $136 billion in assets under management as of April 2023.
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