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Franklin Templeton expected to close on Legg Mason merger July 31

The closure of Franklin Templeton’s $4.5 billion merger with Legg Mason is expected to close July 31, the companies announced Friday.

Legg Mason, a Baltimore-based investment manager, agreed to be acquired by Franklin Templeton in February. Legg stockholders will be paid $50 a share in cash.

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Franklin Templeton, best known for its consumer-oriented mutual fund business, is the trade name of San Mateo, California-based Franklin Resources.

After the merger, the combined company will have about $1.4 trillion in assets under management after folding in the roughly $783 million managed by Legg Mason’s affiliates.

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The deal will end Legg Mason’s 121-year history in Baltimore. It remains unclear what the deal means for Baltimore, where the company has about 250 employees and its decade-old tower of money-colored glass rises over the water in Harbor East.

Legg Mason has about 3,000 employees worldwide, many in offices in New York, Connecticut and California.

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