Franklin Templeton to Acquire Legg Mason

February 20, 2020

On February 18, 2020, Franklin Resources, Inc. announced that it had entered into an agreement to acquire Legg Mason, Inc.

Pursuant to the agreement, Franklin Resources, Inc. (“Franklin Templeton”) will acquire Legg Mason, Inc. (“Legg Mason”) in an all-cash transaction. Franklin Templeton will pay $50 per share of common stock, for a total consideration of $4.5 billion, and will assume approximately $2 billion of Legg Mason’s outstanding debt in the transaction. Jenny Johnson and Greg Johnson will continue in their roles as president/ CEO and executive chairman of the Board of Franklin Templeton, respectively. Legg Mason’s senior management investment affiliate teams will remain in place. The transaction is subject to customary closing conditions and has been approved by the boards of both Franklin Templeton and Legg Mason. The transaction is expected to close by the third quarter of 2020.

Legg Mason (NYSE: LM) is a Baltimore-based investment management firm that operates in conjunction with nine affiliate entities. Together with its affiliates, it has $806 billion in assets under management as of January 31, 2020.

Franklin Templeton (NYSE: BEN) is a global investment manager based in San Mateo, CA. It provides global and domestic investment management services to retail, institutional and sovereign wealth clients and has approximately $688 billion in assets under management as of January 31, 2020.

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Categories

Investment Manager M&A, Mutual Fund M&A, Transactions