Great-West Lifeco Inc GRWLF

GWO sale of Putnam Investments to Franklin Templeton

[junglejames]

- at long last GWO structures a deal to distance itself from this terribel investment.  Now we'll see if this new deal works any better.

• Great-West Lifeco has agreed to sell Putnam Investments to Franklin Templeton, a leading at-scale and diversified global asset manager with a broad range of investment and distribution capabilities
• The transaction unlocks the value of Putnam Investments and facilitates the continued focus of Lifeco's U.S. strategy on retirement and personal wealth
• Great-West Lifeco will hold a 4.9% interest in Franklin Templeton on a long-term basis and will retain its controlling interest in PanAgora, a leading quantitative asset manager, complementing its ownership in other North American and European asset managers
• Great-West Lifeco to allocate initial US$25 billion of AUM to Franklin Templeton

[marpincan]

Will GWO be declaring a gain or a lose on this sale? what the transaction does (unfortunately) is saddle them with a minor position in another Fund Manager. They should be able to sell that off over time.