Franklin Resources Inc. BEN, +0.62%, which operates as investment manager Franklin Templeton, said Tuesday it has agreed to acquire Legg Mason Inc. LM, -0.10% in an all-cash deal valued at $4.5 billion. Franklin Templeton will pay $50 per Legg Mason shares and take on about $2 billion of its outstanding debt. The company will finance the deal using available balance sheet cash. The deal will create an entity with a combined $1.
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Two classic names!
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WSJ News Exclusive | Franklin Resources Is in Talks to Buy Legg MasonFranklin Resources is in talks to buy rival asset manager Legg Mason, according to people familiar with the matter, in a deal that could help two big players in an industry that is under pressure from shifting investor tastes.
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