Investing
Rithm Completes Deal to Buy Hedge Fund Sculptor After Monthslong Drama
- Weinstein loses out on quick, inexpensive way to grow his firm
- CIO Jimmy Levin will get as much as $30 million in annual pay
Michael Nierenberg, Rithm Capital Corp. Chief Executive Officer.
Photographer: Craig Barritt/Getty ImagesThis article is for subscribers only.
Rithm Capital Corp. finally completed a deal to buy struggling asset manager Sculptor Capital Management Inc., dashing the ambitions of a hedge fund founder and handing a 35% gain to shareholders.
Sculptor will be bought for about $720 million, or $12.70 a share, Rithm said in a statement Friday, capping a monthslong fight punctuated by rival bids and litigation that failed to derail the deal but pushed the price ever higher.