On April 12, 2016, Legg Mason Inc. announced that Trian Fund Management, L.P. and its affiliates have agreed to sell substantially all of their shares in Legg Mason Inc. to Shanda Group.
The common stock owned by Trian Fund Management, L.P. and its affiliates (collectively, “Trian”), par value $0.10 per share represents a 9.9% interest in the total outstanding shares of common stock of Legg Mason Inc. (“Legg Mason”) as of April 12, 2016. Citigroup acted as the placement agent and financial advisor on the transaction.
Legg Mason, headquartered in Baltimore, Maryland, is an asset management firm with $670 billion in assets under management, as of March 31, 2016.
Shanda Group is a Singapore-based private investment firm focused on opportunities in the financial services, technology and healthcare services sectors.
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