TIAA-CREF to Buy Nuveen for $6.25 Billion

Nuveen "will benefit from the enhanced resources, scale and strength that the transaction will add to its platform, while the firm's clients and the advisors and consultants who serve them will continue to benefit from the firm's and its affiliates' commitment to high-quality performance, integrity and client service," according to the statement.

TIAA-CREF is acquiring Nuveen from an investor group led by Madison Dearborn Partners, a private equity investment firm, for an enterprise value of $6.25 billion, including Nuveen's outstanding debt.

"The acquisition of Nuveen can generate greater returns that will benefit our customers," said Roger W. Ferguson Jr., TIAA-CREF's president and CEO, in the release. "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."

Amboian added in the same statement that Nuveen is "delighted to partner with TIAA-CREF, which stands among the most highly respected financial institutions and possesses an unparalleled pedigree in retirement services and investment management."

Nuveen clients "and each of our investment affiliates, will benefit from TIAA-CREF's support of our multi-boutique approach and from the continuity of our client services, our brands and our professionals, whose interests will remain strongly aligned with our long-term success," Amboian said. "Nuveen and TIAA-CREF share similar values and the same high standards of service and we are excited about the opportunity to further serve our clients."

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