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Madison Dearborn exits Nuveen in $6.25bn deal

14 Apr 2014

dollar envelope moneyPrivate equity firm Madison Dearborn Partners has exited its investment in investment management company Nuveen, which was sold to financial services group TIAA-CREF.

The deal valued the business, which currently has $221bn under management, at $6.25bn including debt.

Nuveen will operate as a separate subsidiary within TIAA-CREF’s asset management business and John Amboian will continue as its CEO.

Madison Dearborn bought Nuveen in a $5.75bn deal in 2007, making it the largest ever leveraged buyout of an asset management business at that time.

Earlier this mointh Madison Dearborn and investment group CoVant acquired LGS Innovations from Alcatel-Lucent.

The deal valued the networking and communications technology specialist at $200m.



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