Legg Mason completes acquisition of Australian company

Legg Mason has completed the acquisition of the majority shares in RARE Infrastructure Limited, a global listed infrastructure manager based in Sydney, Australia.  As of Oct. 20, RARE Infrastructure reported assets under management of $6.8 billion.

The company has offices in Melbourne, London and Chicago and manages $7.6 billion for its clients.

Baltimore-based Legg Mason paid 280 million Australian dollars, around $205 million in U.S. currency, to acquire a 75 percent stake in RARE. The firm’s management team will keep 15 percent and The Treasury Group, a previous minority owner, will keep 10 percent.

Legg Mason first announced the acquisition in July before its annual shareholders meeting.

Legg Mason will let RARE 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.

In a statement in July, Legg Mason Chairman and CEO Joseph A. Sullivan said that RARE’s international presence would complement Legg Mason’s existing services in the U.S., Asia and Europe.