BALTIMORE—Global asset manager Legg Mason Inc. is in exclusive discussions to acquire majority ownership in Clarion Partners from Lightyear Capital, Bloomberg Business reported Monday evening. Spokesmen for Lightyear and Clarion declined to comment Tuesday; a Legg Mason spokeswoman told GlobeSt.com the firm could not comment on market rumors.

Citing people said to be familiar with the matter, Bloomberg reported that a deal would entail Legg Mason acquiring an 80% stake in Clarion, of which Lightyear Capital has been majority owner since 2011. Clarion CEO chairman and CEO Stephan Furnary and Furnary's management team would continue to hold a 20% stake.

The deal would value Clarion at about $850 million, more than 12 times its 2015 EBITDA, Bloomberg reported. That's a higher multiple than the median of 7.09 for sales of publicly traded real estate investment companies, according to Bloomberg data.

This past November, Reuters reported that Lightyear was seeking to sell its 80% ownership of Clarion, and that Legg Mason was said to be interested. Baltimore-based Legg Mason, which had $691.4 billion in assets under management as of this past Nov. 30, reportedly had an eye on Clarion because it offers a specialized real estate investment management platform that would complement Legg Mason's existing suite of products.

Founded in 1982, Clarion currently has $38.1 billion in AUM, according to its website. The company was owned by ING Groep NV for 12 years beginning in 1999; Lightyear and Clarion's management bought the company from ING for $100 million, as part of the Dutch financial giant's divestiture of most of its real estate investment management business following the global financial crisis.