Davis Polk advised Shanda Group in connection with its equity investment in Legg Mason, through which Shanda purchased substantially all of the shares of Legg Mason’s common stock owned by Trian Fund Management, L.P. and its affiliates, representing a 9.9% interest of Legg Mason’s current total outstanding shares of common stock.

Shanda Group is a Singapore-based global investment holding company with a long-term investment horizon across public markets of equity, fixed income and commodities, private equity and real estate. It is focused on value investment opportunities in the financial services, technology and health care services sectors. Legg Mason is a global asset management firm with $670 billion in assets under management as of March 31, 2016. It provides active asset management in many major investment centers throughout the world. Legg Mason is headquartered in Baltimore, Maryland, and its common stock is listed on the NYSE under the ticker symbol of “LM.”

The Davis Polk team included partners Miranda So and Brian Wolfe, associates Shane Tintle, Zain Ur Rehman and Milson C. Yu and foreign registered lawyer Kevin Zhang. Counsel Mary K. Marks and associate Rebecca Tracy Rotem provided antitrust and competition advice. Members of the Davis Polk team are based in the Hong Kong, New York and Washington DC offices.