Legg Mason Reportedly In Talks To Buy Clarion Partners

(RTTNews) - Legg Mason Inc. (LM), the global asset manager, is in exclusive talks to buy a majority stake in real estate investment specialist Clarion Partners LLC in a deal that would value the company at about $850 million, according to reports citing people familiar with the matter.

Under the terms being discussed, Baltimore-based Legg Mason would buy 80 percent of the company from existing owner Lightyear Capital. Clarion's management, headed by Chairman and Chief Executive Officer Stephen Furnary, would retain 20 percent, the people said. A deal could be announced as early as this month, the reports said.