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US financial services giant unveils $6.25 bn takeover

AFP
Retirees play dominos in South Gate, California September 10, 2013

US financial services provider TIAA-CREF, a leader in pensions, said 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 organization with a broad mix of product offerings to serve clients today 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.