Deals
TIAA-CREF to Buy Nuveen Investments in $6.25 Billion Deal
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TIAA-CREF agreed to buy Nuveen Investments from Madison Dearborn Partners LLC for $6.25 billion, propelling the manager of teachers’ retirement savings into the top 20 of U.S. mutual-fund firms.
The price includes $4.56 billion in outstanding debt, according to the New York-based firm, which today announced the acquisition in a statement. TIAA-CREF will add $221 billion in assets, bringing its funds under management to about $800 billion. Chicago-based Madison Dearborn purchased Nuveen almost seven years ago for $5.75 billion, at the time the largest buyout of a U.S. asset manager.