Franklin Templeton to Acquire Alcentra from BNY Mellon

June 2, 2022

Willkie advised Franklin Templeton on the transaction.

On May 31, Willkie client Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton, announced that it entered into a definitive agreement to acquire BNY Alcentra Group from The Bank of New York Mellon Corporation.

One of the largest European credit and private debt managers, Alcentra has $38 billion in assets under management with global expertise in senior secured loans, high yield bonds, private credit, structured credit, special situations and multi-strategy credit strategies.

Through the acquisition, Franklin Templeton’s U.S. alternative credit specialist investment manager, Benefit Street Partners, is expected to expand its alternative credit capabilities and presence in Europe. The transaction is also expected to strengthen the breadth and scale of Franklin Templeton’s alternative asset strategies, bringing firmwide alternative assets under management to $257 billion.

Willkie previously advised Franklin Resources on numerous transactions, including its $1.75 billion acquisition of Lexington Partners L.P. and its $4.5 billion acquisition of Legg Mason.

Franklin Resources is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries. With offices in more than 30 countries, the California-based company has approximately $1.5 trillion in assets under management.

BNY Mellon is a global investments company with approximately $2.3 trillion in assets under management.

The Willkie team was led by partners David Boston and Danielle Scalzo, and included partners Justin Browder, Colin Fulton, Christopher Peters and Geri Anne McEvoy, and associate Jack Cantrell.