Franklin Resources Inc., a global investment management firm that operates as Franklin Templeton, plans to acquire asset manager Putnam Investments from Great-West LifeCo in a nearly $925 million deal.

Putnam, which was founded in 1937, is a global asset management firm with $136 billion in assets as of April 2023.

The deal, consisting primarily of equity, will see Great-West become a long-term strategic shareholder in Franklin Resources with a nearly 6.2% stake, according to the investment management firm.

Franklin will pay $825 million in stock at deal close, while $100 million in cash will be paid 180 days later. In addition, the California-based company, which manages nearly $1.4 trillion in assets as of April 30, will pay up to $375 million tied to revenue growth targets from the partnership.