By Will Feuer

 

Franklin Resources Inc. said it has agreed to buy London-headquartered credit and private debt manager BNY Alcentra Group Holdings Inc. from Bank of New York Mellon Corp.

Franklin Resources, operating as Franklin Templeton, will pay $350 million in cash once the deal closes, and up to another $350 million in contingent consideration dependent on the achievement of certain performance thresholds over the next four years, the companies said.

Franklin Templeton also committed to purchase all seed capital investments from BNY Mellon related to Alcentra which, as of March 31, were valued at about $305 million. The seed capital investments will be valued at the time of close to determine the final purchase amount, the companies said.

The deal is expected to close early in the first calendar quarter of 2023, the companies said.

 

Write to Will Feuer at Will.Feuer@wsj.com

 

(END) Dow Jones Newswires

May 31, 2022 09:34 ET (13:34 GMT)

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