Deals
Legg Mason Is in Exclusive Talks to Buy Clarion Partners
- Deal said to value real estate investment manager at $850M
- Clarion management said to retain 20% stake in company
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Legg Mason Inc., the global asset manager, is in exclusive talks to buy a majority stake in real estate investment specialist Clarion Partners LLC in a deal that would value the company at about $850 million, people with knowledge of the matter said.
Under the terms being discussed, Baltimore-based Legg Mason would buy 80 percent of the company from existing owner Lightyear Capital, said the people, who asked not to be identified because the information is private. Clarion’s management, headed by Chairman and Chief Executive Officer Stephen Furnary, would retain 20 percent, the people said. A deal could be announced as early as this month, they said.