Update: Franklin Templeton completes Legg Mason tie-up

Legg Mason to be valued at $50 per share

Franklin Templeton completed the acquisition of Legg Mason and its affiliated specialist investment managers on Friday (31 July), creating a $1.4trn asset management giant.

Parent company Franklin Resources said the deal would deepen Franklin Templeton's presence in key geographies, creating an expansive investment platform that is well balanced between institutional and retail client assets. Jenny Johnson, president and CEO of Franklin Templeton, called the purchase "the most significant transaction in Franklin Templeton's history". Johnson said that while much had happened since the initial announcement of the acquisition, "the strategic rationale for this powerful combination has only strengthened". "This acquisition unlocks substantial value and grow...