RTTNews | Nov 1, 2021 08:47AM EDT

08:47 Monday, November 1, 2021 (RTTNews.com) - Franklin Resources, Inc. (BEN) has agreed to acquire Lexington Partners L.P., a global manager of secondary private equity and co-investment funds. Franklin Templeton is acquiring 100% of Lexington from its current owners, for $1.75 billion, made up of $1 billion at close and additional payments totaling $750 million over the next three years. Lexington partners and employees will get a 25% ownership stake in Lexington vesting over five years and $338 million of performance-based cash retention awards.

The deal is anticipated to be immediately accretive to Franklin Templeton's adjusted earnings per share.

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