Deal clears up uncertainty that had shrouded Legg Mason’s future for nearly a year

Deputy Markets Editor

Wall Street Editor

Franklin Resources agreed to buy rival asset manager Legg Mason for $4.5bn in cash, a deal that could help two big players in an industry that is under pressure from shifting investor tastes.

The companies said Tuesday that Legg Mason shareholders will receive $50 a share, a 23% premium above where the stock closed on Friday. Franklin also assumes about $2bn in Legg Mason debt.

Franklin Resources to buy Legg Mason for $4.5bn

Franklin Resources in talks to buy asset manager Legg Mason

Justin Baer

Cara Lombardo

Franklin Resources

Legg Mason

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