M&A Deal Summary

Franklin Templeton Acquires Legg Mason

On February 18, 2020, Franklin Templeton acquired financial services company Legg Mason from KKR for 4.5B USD

Acquisition Highlights
  • This is Franklin Templeton’s 3rd transaction in the Financial Services sector.
  • This is Franklin Templeton’s largest (disclosed) transaction.
  • This is Franklin Templeton’s 3rd transaction in the United States.
  • This is Franklin Templeton’s 1st transaction in Maryland.

M&A Deal Summary
Date 2020-02-18
Target Legg Mason
Sector Financial Services
Buyer(s) Franklin Templeton
Sellers(s) KKR
Deal Type Add-on Acquisition
Deal Value 4.5B USD
Advisor(s) PJT Partners, Inc.
J.P. Morgan Securities (Financial)
Weil Gotshal & Manges
Skadden, Arps, Slate, Meagher & Flom (Legal)

Target

Legg Mason

Baltimore, Maryland, United States
Legg Mason, Inc. is an asset management firm, providing active asset management in many major investment centers throughout the world. Legg Mason helps investors globally achieve better financial outcomes by expanding choice across investment strategies, vehicles and investor access through independent investment managers with diverse expertise in equity, fixed income, alternative and liquidity investments. Legg Mason was formed in 1899 and is based in Baltimore, Maryland.

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Buyer(S) 1

Buyer

Franklin Templeton

San Mateo, California, United States
Category Company
Founded 1947
Sector Financial Services
Employees10,300
Revenue 7.8B USD (2023)
DESCRIPTION
Entrance to Franklin's corporate headquarters in San Mateo, California.
Entrance to Franklin's corporate headquarters in San Mateo, California.

Franklin Templeton is a holding company that operates as Franklin Templeton Investments. Franklin Templeton Investments is a global investment management organization that provides investment management and related services to investors in jurisdictions worldwide through products that include US and non-US registered open-end and closed-end funds, unregistered funds, and institutional, high net-worth and separately-managed accounts. Franklin Templeton was incorporated in 1947 and is headquartered in San Mateo, California.

DEAL STATS #
Overall 3 of 8
Sector (Financial Services) 3 of 6
Type (Add-on Acquisition) 3 of 6
State (Maryland) 1 of 1
Country (United States) 3 of 7
Year (2020) 2 of 3
Size (of disclosed) 1 of 2
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-01-22 The Pennsylvania Trust

Radnor, Pennsylvania, United States

The Pennsylvania Trust Co. is an award-winning, independent and employee-owned wealth management firm in the Philadelphia region with over $4.7 billion in assets under management and administration. For over 30 years, the firm has focused on providing compassionate and caring client service. Recognized for its outstanding service as a fiduciary, Pennsylvania Trust provides investment, financial planning, tax, trust, estate, and philanthropic solutions to help individuals, families, nonprofits and other organizations preserve and grow their wealth.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-05-06 AdvisorEngine

New York, New York, United States

AdvisorEngine, Inc. is a digital wealth platform and provider of technology and consulting services to more than 1,200 financial advisory firms in the United States that manage over $600 billion in assets. Its financial experience platform serves as a unified operating system across advisor experience (AX), business operations experience (BX), and client experience (CX). Modules include prospecting and client engagement tools, paperless client onboarding, account aggregation, CRM, goals-based financial planning tools, model portfolios, portfolio construction analytics, compliance monitoring tools, performance reporting, and fee billing. From the company’s offices in New York, NY, and Raleigh, NC, the AdvisorEngine team strives to fulfill six ideals through their work: camaraderie, clarity, curiosity, creativity, crushing it, and celebration. AdvisorEngine was formed in 2014 and is based in New York, New York.

Buy -

Seller(S) 1

SELLER

KKR

New York, New York, United States

Investor Investor Investor Investor Investor

Category Private Equity Firm
Founded 1976
PE ASSETS 510.0B USD
Size Mega
Type Sector Agnostic
DESCRIPTION
KKR's office in Menlo Park, California.
KKR's office in Menlo Park, California.

KKR is a global investment firm founded by Jerome Kohlberg, Henry Kravis, and George Roberts. The Firm is separated into several business segments including private markets, public markets, capital markets, and other principal activities. KKR's private equity practice invests in management buyouts, take privates, corporate divestitures, industry consolidations, and partnerships with family-owned companies. KKR will invest in a broad range of industries and companies and will consider businesses throughout North America, Europe, Asia, and Australia/New Zealand. Sectors of interest include chemicals, consumer products, energy and natural resources, financial services, healthcare, industrial, media/communications, retail, and technology. In addition to its traditional principal investment activity business, KKR also invests in infrastructure assets. KKR was formed in 1976 and is based in New York, New York.

DEAL STATS #
Overall 139 of 205
Sector (Financial Services) 9 of 12
Type (Add-on Acquisition) 49 of 66
State (Maryland) 2 of 3
Country (United States) 61 of 89
Year (2020) 4 of 16
Size (of disclosed) 12 of 38
PREVIOUS DEAL
DATE TARGET DEAL TYPE VALUE
2020-02-18 Gamma Biosciences

Menlo Park, California, United States

Gamma Biosciences is a life sciences company providing products and services to support the development and manufacturing of advanced biologic therapies. Gamma Biosciences was founded in 2020 and is based in Menlo Park, California.

Buy -
FOLLOWING DEAL
DATE TARGET DEAL TYPE VALUE
2020-03-03 AlphaTheta

Yokohama, Japan

AlphaTheta develops, manufactures, and sells equipment for DJs, including DJ players, mixers, controllers, headphones, and speakers. AlphaTheta was founded in 2014 and is based in Yokohama, Japan.

Sell $324M
Mergr

Product

Company

Legal