June 1, 2023

Willkie advised Franklin Resources, Inc., a global investment management organization operating as Franklin Templeton, on its agreement to acquire Putnam Investments from Great-West Lifeco, Inc. for approximately $925 million and its broader strategic partnership with Power Corporation of Canada and Great-West.

Power Corporation of Canada together with its subsidiaries including Great-West and IGM Financial are leaders in the global insurance, retirement, asset management and wealth management sectors and have collective assets under management and/or administration of approximately $2.1 trillion. 

As a foundation of its strategic partnership with Power Corporation of Canada and Great-West announced on May 31, Franklin Templeton entered into a definitive agreement to acquire Putnam Investments, a global asset management firm with approximately $136 billion in AUM, from Great-West for approximately $925 million of primarily equity consideration. Great-West will become a long-term strategic shareholder in Franklin Resources with an approximate 6.2% stake.

Franklin Resources, Inc. is a global investment management organization with subsidiaries operating as Franklin Templeton and serving clients in over 155 countries.

Power Corporation is an international management and holding company that focuses on financial services in North America, Europe and Asia. 

Great-West Lifeco, a member of the Power Corporation group of companies, is an international financial services holding company with interests in life insurance, health insurance, retirement and investment services, asset management and reinsurance businesses. 

Willkie previously advised Franklin Templeton in numerous transactions, including its acquisitions of Alcentra and Lexington Partners in 2022 and its acquisition of Legg Mason in 2020.

The Willkie team was led by partners David Boston and Danielle Scalzo and included partners Jordan Messinger, Justin Browder and Christopher Peters and associate Samir Patel.