Bill Miller To Buy Legg Mason's Stake In LMM LLC

(RTTNews) - Legg Mason Inc. (LM) announced that it has reached an agreement with Bill Miller for the acquisition by Miller of all of Legg Mason's interests in LMM LLC or"LMM". As a result, Mr. Miller, together with companies he controls, will own 100% of LMM. Terms of the transaction were not disclosed.

LMM provides investment management services to Legg Mason Opportunity Trust, Miller Income Opportunity Trust and related strategies. There will be no changes to the investment team or portfolio management responsibilities as a result of the transaction.

The transaction is expected to close on or around the calendar year end, subject to customary conditions and regulatory approvals.