Citigroup and Legg Mason are working out a deal in which Legg Mason will acquire Citigroup's Asset Management business, while Citigroup acquires Legg Mason's Broker-Dealer business. On top of that, Citigroup will also acquire about $1.5 billion of Legg Mason's common and convertible preferred shares, and nearly $550 million in a five-year loan facility provided by Citigroup Corporate and Investment Banking.
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