Legg Mason shareholders approve $4.5 billion sale

Legg Mason Inc. shareholders voted Friday to approve the money manager’s $4.5 billion sale to Franklin Resources Inc., moving the deal closer to completion by September.

More than 99% of Legg Mason’s shareholders voted in favor of the transaction during a virtual meeting hosted by the Baltimore-based money manager.

Franklin Resources, better known as Franklin Templeton, and Legg Mason (NYSE: LM) agreed to an all-cash deal in February that values Legg Mason at $50 per share. Franklin will also assume approximately $2 billion of Legg Mason’s outstanding debt as part of the transaction.

“We are pleased to announce that our shareholders overwhelmingly support this transaction,” Legg Mason CEO Joseph A. Sullivan said in a statement. “As we continue our planning to integrate our two great companies, I’m excited for the possibilities of a new organization that continues to prioritize our clients, the ongoing independence of our investment organizations and a broad distribution footprint.”

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Read the full story from the Washington Business Journal.

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