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.
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.
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.