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. The management of Entrust Global LLC completed the acquisition of 65% stake in Entrust Global LLC from Legg Mason, Inc. (NYSE:LM) for $50 million on July 31, 2020. EnTrust was acquired by its management concurrent with the closing of the acquisition in exchange for future cash payments not to exceed $50 million.