4 Firms Steer $4.5B Tie-Up Of Franklin And Legg Mason

Law360 (February 18, 2020, 2:02 PM EST) -- Franklin Templeton said Tuesday it will acquire fellow asset manager Legg Mason for roughly $4.5 billion in cash in a deal steered by Willkie Farr, Weil Gotshal, Skadden and Dechert.

California-based Franklin Resources Inc., which does business as Franklin Templeton, said the tie-up would create an investment manager with roughly $1.5 trillion in assets under management. The deal will see Franklin pay $50 per share in cash for Legg Mason Inc.'s common stock and take on $2 billion of Legg Mason's existing debt, for a total transaction size of $6.5 billion.

The deal expands Franklin's footprint in key locations such as...

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