Legg Mason said in talks to buy stake in real estate specialists

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Legg Mason, the global asset manager, is in exclusive talks to buy a majority stake in real estate investment specialist Clarion Partners in a deal that would value the company at about $850m, people with knowledge of the matter said.

Bloomberg News reports that under the terms being discussed, Legg Mason would buy 80% 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%, the people said. A deal could be announced as early as this month, they said.

A deal at that value would reflect a multiple of more than 12 times Clarion’s earnings before interest, taxes, depreciation and amortization of $70m last year, the people said. 

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Legg Mason Is in Exclusive Talks to Buy Clarion Partners

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