Legg Mason Acquires RARE Infrastructure Limited

Legg Mason, Inc.

, today announced that it has agreed to acquire a majority equity interest in RARE Infrastructure, Ltd., (RARE) a pioneer in global listed infrastructure investing headquartered in Sydney, Australia.  The firm, with offices in Sydney, Melbourne, London and Chicago, specializes in global listed infrastructure investments, managing $7.6 billion for institutional and retail clients.  The acquisition expands Legg Mason's offerings in equity liquid alternative investments, adding an experienced manager in a high-growth asset class.  The transaction is expected to be accretive to earnings on a GAAP and adjusted net income basis in the first year after closing, which is expected in the 4th calendar quarter of 2015.     Under the terms of the transaction, Legg Mason will acquire a 75% ownership stake, the firm's management team will retain a 15% equity stake and The Treasury Group, a previous minority owner, will retain 10%.  RARE will operate as a core independent investment affiliate along with Brandywine Global, ClearBridge Investments, Martin Currie, the Permal Group, QS Investors, Royce and Associates, and Western Asset Management.   Established in 2006, RARE is one of the