The board of Nuveen and the board of Schroders has announced this morning that they have agreed the terms of a recommended cash acquisition by Bidco to acquire the entire issued and to be issued share capital of Schroders, for £9.9bn. London will remain headquarters of the new group.
- Under the terms of the Transaction, each Schroders Shareholder will be entitled to receive a total value of up to 612 pence per Schroders Share. This comprises:
Cash Consideration of 590 pence per Schroders Share; and
Permitted Dividends of up to 22 pence (in aggregate) per Schroders Share, which Schroders Shareholders may receive and retain if declared or paid prior to the Effective Date without any reduction to the Cash Consideration.
William Huffman, the Chief Executive Officer of Nuveen commented:
“Through this exciting and transformational step for both of our distinguished firms, we look forward to welcoming Schroders into the Nuveen family. By bringing our complementary platforms, capabilities, distribution networks and cultures together, we will create an extraordinary opportunity to enhance the way we serve our collective clients through access to new markets,
bolstered product offerings, and deeper pools of investment talent. This transaction is about unlocking new growth opportunities for wealth and institutional investors around the world by giving our leading, differentiated public-to-private platform a broader global presence”.
Dame Elizabeth Corley, the Chair of Schroders commented:
“The Combined Group will bring together two successful firms with shared values and highly complementary strengths to create a new global leader in public-to-private investment management. Building on Schroders’ heritage, London will remain at the heart of this enlarged business and the transaction will deliver an attractive premium in cash to our shareholders, reflecting the value of our business and its future prospects. The board of Schroders is confident that this is the right step for our shareholders, clients and people.”
Richard Oldfield, the Group Chief Executive of Schroders commented: “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.”
