Franklin Templeton Expects to Close Acquisition of Legg Mason on July 31, 2020

Franklin Resources, and Legg Mason,  announced that all conditions to the closing of their previously announced merger transaction have been satisfied and the transaction is expected to close on July 31, 2020.

Read More: GIACT Donates Identity and Account Verification Services to the Brave of Heart Fund, Supporting Families of Frontline Healthcare Workers and Volunteers

Pursuant to the merger, which was announced on February 18, 2020, Franklin Templeton will acquire Legg Mason for $50.00 per share of common stock in an all-cash transaction. Franklin Templeton will also assume approximately $2 billion of Legg Mason’s outstanding debt.

Franklin Templeton is depositing the merger consideration in a third-party escrow account. The merger closing will occur and the funds will be released to the paying agent at the closing, subject to Legg Mason’s continued compliance in all material respects with its covenants under the merger agreement.

Read More: GlobalFintechSeries Interview with Christian Spaltenstein, Managing Director – Americas at AFEX

Trading in shares of Legg Mason’s common stock is expected to be suspended on the New York Stock Exchange (“NYSE”) as of close of business on July 31, 2020, and Legg Mason’s common stock is expected to be delisted from the NYSE.

Following the closing, combined, consolidated financial results will first be reported for the quarter ended September 30, 2020, with Franklin Templeton’s pro forma historical financials expected to be available by mid-October. Each firm reported June 30, 2020 assets under management on July 13, 2020, and the pro forma assets under management by asset class at June 30, 2020 are provided below.

Read More: Binance Card Launches in Europe, Bridging Crypto and Debit Payments