April 14 Asset manager TIAA-CREF will buy rival Nuveen Investments for $6.25 billion including debt, the Wall Street Journal reported, quoting top executives from both companies.
The transaction, set to be officially announced Monday, would create a firm with nearly $800 billion under management, the Journal reported. (link.reuters.com/cuf58v)
The deal is expected to close by the end of the year, pending approval from existing Nuveen clients and antitrust regulators.
Both the companies could not be immediately reached for comment. (Reporting by Neha Dimri in Bangalore; Editing by Kirti Pandey)