The management of Entrust Global LLC entered into a definitive agreement to acquire 65% stake in Entrust Global LLC from Legg Mason, Inc. (NYSE:LM) on February 18, 2020. The transaction will become effective upon the consummation of Franklin Resources, Inc. (NYSE:BEN) acquisition of Legg Mason, Inc. from funds managed by Trian Fund Management, L.P. and others for $4.6 billion. EnTrust Global, will not be a part of Franklin's acquisition of Legg. Broadhaven Capital Partners, LLC and Morgan Stanley & Co. LLC served as financial advisors to Franklin Resources, Inc., and Wilkie Farr & Gallagher LLP acted as external legal counsel. Dechert LLP served as legal counsel to EnTrust Global.