Legg Mason Acquisition Means Changes For Baltimore (BBJ Story)
Legg Mason Inc. will be acquired by Franklin Resources Inc. in a $4.5 billion deal that will create the world's largest asset management company. San Mateo, California-based Franklin Resources, known as Franklin Templeton, will pay $50 per share to buy Legg Mason in the all-cash transaction, which includes issuing about $2 billion of debt.
The deal announced Tuesday morning also means Baltimore will lose yet another one of its storied public companies, following the likes of Constellation and Mercantile Bankshares. Following completion of the deal, which is expected to close in the third quarter, Franklin will have about $1.5 trillion in assets under management. Baltimore's skyline will also likely see a major change as a result of the transaction. Legg Mason's name is on the all-glass building at 100 International Drive in Harbor East. Legg Mason has occupied space in the building since moving from 100 Light St. in 2009.