Power Financial Corp.'s Great-West Lifeco subsidiary will acquire Putnam Investments and Putnam's 25% in T.H. Lee Partners for $3.9 billion from Marsh & McLennan. The deal is expected to close in the second quarter, subject to regulatory and shareholder approval by Putnam's investors, according to a news release from Power Financial. John A. Hill, chairman of Putnam's board of trustees, said the board will recommend that shareholders approve the deal, subject to review of the final agreement, according to a release from Putnam. "We believe that it is good for investors. We have been actively involved in the process every step of the way," Mr. Hill said in the release. Specifics of the agreement were not available.
Putnam will continue to operate independently under its own name, according to the release. Charles E. Haldeman Jr. will remain the president and CEO of the firm, heading the same investment and administrative team. Putnam managed $192 billion as of Dec. 31.