Franklin Resources Expects Legg Mason Acquisition To Close On July 31 - Quick Facts

(RTTNews) - While reporting its financial results for the third quarter on Tuesday, Franklin Resources said that the company's acquisition of Legg Mason Inc. (LM) is expected to close this Friday, July 31, 2020, ahead of its originally anticipated schedule.

"The strategic rationale for this powerful combination has only strengthened since we announced the acquisition in February. It is expected to unlock growth opportunities driven by greater scale, diversification and balance across investment strategies, distribution channels and geographies," said Jenny Johnson, President and CEO of Franklin Resources.

In February, Franklin Resources said it agreed to acquire Legg Mason for $50.00 per share of common stock, in an all-cash transaction of $4.5 billion. The company will also assume approximately $2 billion of Legg Mason's outstanding debt.