Lightyear exits Clarion stake to Legg Mason in $585M deal
January 25, 2016
Financial services investor Lightyear Capital has agreed to exit its stake in Clarion Partners. Asset manager Legg Mason (NYSE: LM) will acquire an 83% ownership interest for $585 million, and company management will retain the remaining 17% of outstanding equity; the deal is expected to close 2Q 2016. Clarion Partners is an investment manager focusing exclusively on real estate strategies in the Americas. Lightyear Capital had partnered with management in 2011 to acquire its stake in Clarion for approximately $100 million.