According to a Bloomberg report, Legg Mason Inc (NYSE: LM) is in exclusive talks to acquire a majority stake in Clarion Partners, a real estate investment specialist with around $38 billion in assets under management.
Bloomberg, citing "people with knowledge of the matter," stated that Legg Mason would buy 80 percent of the company from its current owner, Lightyear Capital, in a deal that would value the company at around $850 million.
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Bloomberg added that a deal could be announced as early as this month.
Shares of Legg Mason have lost 26 percent of its value over the past year.