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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Franklin Resources Inc | NYSE:BEN | NYSE | Common Stock |
Price Change | % Change | Share Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|
0.20 | 0.88% | 22.97 | 23.09 | 22.805 | 23.00 | 4,712,840 | 21:23:10 |
By Dean Seal
Asset manager Franklin Templeton has agreed to acquire Putnam Investments from the Canadian financial company Great-West Lifeco.
Great-West Lifeco said Wednesday morning that the potential transaction consideration and retained value of the deal is estimated to be between $1.7 billion and $1.8 billion.
Franklin Templeton will pay an upfront consideration of $950 million to $1 billion, consisting of 33.33 million of its shares at closing and $100 million in cash six months after closing.
The asset manager may then pay up to $375 million between three and seven years after the deal closes based on the growth of a newly formed strategic partnership with Great-West Lifeco and Power Corporation of Canada to distribute Franklin Templeton products to clients, distribution partners and shareholders.
As part of the transaction, Great-West Lifeco will retain PanAgora, its Boston-based quantitative asset manager, and realize the value of Putnam's seed capital, which is estimated to be worth $375 million to $425 million after closing adjustments.
The transaction is expected to close in the fourth quarter.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
May 31, 2023 08:29 ET (12:29 GMT)
Copyright (c) 2023 Dow Jones & Company, Inc.
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