On May 31, 2023, Great-West Lifeco Inc. ("Lifeco") has confirmed that Franklin Templeton, a global asset manager, will acquire Putnam Investments from Lifeco. The deal's value ranges between US$1.7-1.8 billion, with Franklin Templeton paying an upfront consideration of US$950 million-1.0 billion, a mix of shares and cash. Additional payments are based on partnership growth metrics, expected between 3 to 7 years post-closure. Lifeco will retain PanAgora and Putnam's seed capital, valued at US$375-425 million, along with certain deferred tax assets. Furthermore, Lifeco, Power Corporation of Canada ("Power"), and Franklin Templeton have formed a strategic partnership, where Lifeco pledges to allocate US$25 billion assets under management (AUM) to Franklin Templeton within 12 months post-closure. Paul Mahon, CEO of Lifeco, highlighted the collaboration's benefits, emphasizing client-focused asset management. Jenny Johnson, CEO of Franklin Templeton, lauded the partnership, citing Power and Lifeco's leadership in financial services. Robert Reynolds, CEO of Putnam Investments, praised the union's potential and mutual client-centric values. The transaction, subject to regulatory conditions, is set to finalize in Q4 2023. Lifeco will retain approximately 4.9% of Franklin Templeton stock for a minimum of 5 years.