Franklin Templeton Investments has acquired a majority stake in hedge fund-of-funds K2 Advisors and will acquire the remainder of the firm over a multi-year period, the firm announced. As part of the acquisition, K2, which manages approximately $9.3 billion, will purchase the minority equity stake held by TA Associates and retire all of its debt obligations. Beginning in 2016, Franklin Templeton will acquire the remainder of TA’s stake over a multi-year period. The deal is expected to close in the fourth quarter of 2012. TA Associates had taken a minority stake in K2 in 2007.
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