Picks Up Royce & Associates for $115 Million

Legg Mason and Royce & Associates today announced Legg Masons' acquisition of Royce, expected to take place in October. The deal will net Royce $115 million at close, up to half of which may come in the form of common stock, as well as three contingent earnout payments. The value of the deal is capped at $215 million.

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