US financial services giant unveils $6.25b takeover
Monday, 14 April 2014
US financial services provider TIAA-CREF, a leader in pensions, said on Monday it has agreed to buy investment management company Nuveen Investments for $6.25 billion including debt. TIAA-CREF is acquiring Nuveen from an investor group led by Madison Dearborn Partners, a private equity investment firm that bought Nuveen in 2007 for $5.75 billion. "This transaction reinforces our position as a leading diversified financial services organisation with a broad mix of product offerings to serve clients Monday and those in retirement for decades to come," said Roger Ferguson, TIAA-CREF's president and chief executive. Nuveen will operate as a separate subsidiary and keep its current leadership and key investment teams in place, TIAA-CREF said. The acquisition is expected to be completed by year-end, according to a news agency.