Schroders to be taken over by US investment manager Nuveen in £9.9bn deal

(Sharecast News) - Schroders said on Thursday it has agreed to be taken over by US investment manager Nuveen in a £9.9bn deal. Under the terms of the acquisition, Nuveen - which is part of the Teachers Insurance and Annuity Association of America - will pay 612p per share.

The price comprises a cash consideration of 590p a share and permitted dividends of up to 22p per share. The cash consideration is a 29% premium to the closing share price on Wednesday.

The deal will create one of the world's largest global active asset managers, with nearly $2.5 trillion of assets under management across institutional and wealth channels.

Schroders chief executive Richard Oldfield said: "In a competitive landscape where scale can help deliver benefits, in Nuveen we see a partner that shares our values, respects the culture we have built and will create exciting opportunities for our clients and people.

"The transaction will significantly accelerate our growth plans to create a leading public-to-private platform with enhanced geographic reach and a strengthened balance sheet. Together, we can create an exceptional opportunity to provide clients with a true breadth of high-quality solutions to meet their evolving needs."