"Blue-blooded fund manager Schroders is set to be sold to American rival Nuveen in a £9.9bn deal that will end more than two centuries of independence and deliver another setback to the London Stock Exchange. Nuveen, part of the Teachers Insurance and Annuity Association of America (TIAA), has agreed to acquire Schroders for 612p per share - a 34 per cent premium to the firm's closing price of 456p. The transaction will create one of the world's largest asset managers, overseeing around $2.5tn (£1.8tn) in assets."
"The deal marks a historic turning point for Schroders, founded in 1804 by John Henry Schroder. The Schroder family still controls roughly 44 per cent of the company and is expected to receive at least £4bn from the sale. Family members Leonie Schroder and Claire Fitzalan Howard currently sit on the board. Schroders' chairman, Dame Elizabeth Corley, said London would "remain at the heart of this enlarged business" as the combined group's non-US headquarters, despite the firm's planned departure from public markets."
Nuveen, part of the Teachers Insurance and Annuity Association of America (TIAA), has agreed to acquire Schroders for 612p per share, valuing the transaction at £9.9bn and offering a 34 percent premium to the prior closing price. The combined group will oversee around $2.5tn (£1.8tn) in assets, creating one of the world's largest asset managers. The Schroder family controls roughly 44 percent of the company and is expected to receive at least £4bn from the sale. Schroders will leave public markets by year-end, with London designated as the combined group's non-US headquarters, no planned material reductions in headcount, and both firms continuing to operate as standalone brands.
Read at Business Matters
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