Franklin Templeton to Buy Alcentra From BNY Mellon
31 Maio 2022 - 10:49AM
Dow Jones News
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)
Copyright (c) 2022 Dow Jones & Company, Inc.
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