India, Feb. 18 -- Franklin Resources, Inc. (BEN), a global investment management organization operating as Franklin Templeton, agreed Tuesday to acquire Legg Mason, Inc. (LM) for $50.00 per share of common stock in an all-cash transaction of $4.5 billion.
Franklin Templeton will also assume approximately $2 billion of Legg Mason's outstanding debt. The company will fund the cash consideration from its existing balance sheet cash.
The acquisition of Legg Mason and its multiple investment affiliates, which collectively manage over $806 billion in assets as of January 31, 2020, will establish Franklin Templeton as one of the world's largest independent, specialized global investment managers with a combined $1.5 trillion in assets under mana...