Franklin Resources Inc’s take-private acquisition of Legg Mason Inc, an investment firm, is expected to close on July 31, 2020. The price of the transaction will be for $50 per share. Also, Franklin Templeton will assume about $2 billion of Legg Mason’s outstanding debt. When the deal closes, Legg Mason will stop trading on the New York Stock Exchange on July 31, 2020 and be delisted from the exchange.
SAN MATEO, Calif. & BALTIMORE–(BUSINESS WIRE)–Franklin Resources, Inc. (“Franklin Templeton”) (NYSE: BEN) and Legg Mason, Inc. (“Legg Mason”) (NYSE: LM) announced today that all conditions to the closing of their previously announced merger transaction have been satisfied and the transaction is expected to close on July 31, 2020.
Pursuant to the merger, which was announced on February 18, 2020, Franklin Templeton will acquire Legg Mason for $50.00 per share of common stock in an all-cash transaction. Franklin Templeton will also assume approximately $2 billion of Legg Mason’s outstanding debt.
Today, Franklin Templeton is depositing the merger consideration in a third-party escrow account. The merger closing will occur and the funds will be released to the paying agent at the closing, subject to Legg Mason’s continued compliance in all material respects with its covenants under the merger agreement.
Trading in shares of Legg Mason’s common stock is expected to be suspended on the New York Stock Exchange (“NYSE”) as of close of business on July 31, 2020, and Legg Mason’s common stock is expected to be delisted from the NYSE.
About Franklin Templeton
Franklin Resources, Inc. [NYSE: BEN] is a global investment management organization operating, together with its subsidiaries, as Franklin Templeton. Franklin Templeton’s goal is to deliver better outcomes by providing global and domestic investment management to retail, institutional and sovereign wealth clients in over 170 countries. Through specialized teams, the Company has expertise across all asset classes, including equity, fixed income, alternatives and custom multi-asset solutions. The Company’s more than 600 investment professionals are supported by its integrated, worldwide team of risk management professionals and global trading desk network. With employees in over 30 countries, the California-based company has more than 70 years of investment experience and more than $622 billion in assets under management as of June 30, 2020. For more information, please visit investors.franklinresources.com.
About Legg Mason
Guided by a mission of Investing to Improve Lives™, Legg Mason helps investors globally achieve better financial outcomes by expanding choice across investment strategies, vehicles and investor access through independent investment managers with diverse expertise in equity, fixed income, alternative and liquidity investments. Legg Mason’s assets under management are $783 billion as of June 30, 2020.