BALTIMORE (WMAR) — Baltimore based Legg Mason has been bought out by Franklin Resources, a global investment management organization out of California.
The $4.5 billion deal was announced Tuesday.
Franklin will pay $50 for each Legg Mason share, and it will take in around $2 billion in debt.
The combined company will operate as Franklin Templeton.
The deal is expected to close no later than the third quarter of this year.
"With this acquisition, Franklin Templeton will preserve the autonomy of Legg Mason’s affiliates, ensuring that their investment philosophies, processes and brands remain unchanged," the two companies said in a press release." As with any acquisition, the pending integration of Legg Mason’s parent company into Franklin Templeton’s, including the global distribution operations at the parent company level, will take time and only commence after careful and deliberate consideration."