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Article: Citigroup, Legg Mason agree to swap assets in $3.7 billion deal
- Article from:
- AP Worldstream
- Article date:
- June 24, 2005
- Author:
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ANNE D'INNOCENZIO, AP Business Writer
AP Worldstream
06-24-2005
Dateline: NEW YORK
Citigroup Inc., the world's largest financial-services firm, on Friday said it agreed to a $3.7 billion (euro3.1 billion) deal in which it will swap most of its asset-management business in exchange for the broker-dealer business of Legg Mason Inc. as well as Legg Mason stock and a loan to the financial-services firm.
In a separate statement, Legg Mason also said it will acquire an 80 percent stake in Permal Group, one of the world's largest hedge-fund investors, from Sequana Capital and Permal Group management, for at least $961 million (euro795 million) in an agreement worth up to $1.39 billion (euro1.15 ...