Fund Giant Franklin Templeton to Buy Rival Legg Mason

$4.5 billion deal will put the combined group, which has $1.5 trillion in assets, in the top six of global asset managers by size.

James Gard 18 February, 2020 | 3:19PM
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US fund giant Franklin Templeton is to buy rival group Legg Mason to create a fund management behemoth with $1.5 trillion in assets. It's the second major industry acquisition to be announced in as many days after Jupiter pounced on Merian on Monday.

The $4.5 billion deal will see Franklin Templeton buy Legg Mason for $50 per share, a $10 premium to its share price on Monday, and means Franklin will take on $2 billion of Legg Mason’s debt. The deal has been approved by both boards but is still subject to the approval of regulators in the US, where both fund companies are listed. At the market open on Tuesday, Legg Mason’s share price jumped 25% to just above the $50 offer price.

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James Gard  is content editor for