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

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.

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