12th Feb 2026 09:21
(Alliance News) - Schroders PLC on Thursday said it has agreed to an all-cash takeover offer from Pantheon LLC, a newly incorporated subsidiary of Chicago-based asset manager Nuveen LLC.
The deal values Schroders, which had a market capitalisation of GBP7.36 billion before Thursday's market open, at up to GBP9.9 billion on a fully diluted basis.
Shareholders will receive 590 pence per share in cash plus permitted dividends of up to 22p, implying a total value of up to 612p per share, a 34% premium to Wednesday's 456p closing price.
Schroders shares surged 29% in response to 587.50 pence each on Thursday morning in London.
The acquisition is expected to become effective in the fourth quarter of 2026, subject to regulatory approvals. Nuveen, which is part of Teachers Insurance & Annuity Association of America, has received acceptances for its offer already for 42% of Schroders shares.
Schroders said its shares will cease trading in London upon completion. However, in the event of a future initial public offering of Schroders or the combined group, London would be one of the intended dual listing venues.
London-based Schroders is financial services provider that operates three divisions: Public Markets, Schroders Capital and Wealth Management.
Schroders Chair Elizabeth Corley said: "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. 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."
Nuveen Chief Executive Officer William Huffman said: "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".
Separately, Schroders reported 2025 earnings, with assets under management, including joint ventures and associates, rising 5.8% to GBP823.7 billion at December 31 from GBP778.7 billion a year earlier.
Adjusted operating profit climbed 25% to GBP756.6 million from GBP603.1 million, while statutory pretax profit rose 21% to GBP673.8 million from GBP558.1 million.
Revenue improved 6.0% to GBP3.25 billion in 2025 from GBP3.07 billion in 2024. Cost of sales increased 7.1% to GBP746.4 million from GBP697.0 million.
The company proposed an unchanged final dividend of 15.0p per share, bringing the total payout for 2025 to an unchanged 21.5p.
Schroders Chief Executive Officer Richard Oldfield said: "With a simpler, more scalable operating platform in place, our focus now is to embed the changes we have made and reinvest selectively to accelerate growth, particularly in Wealth Management and Schroders Capital. We are making good progress, but we remain disciplined and clear-eyed about the work still to do."
By Tom Budszus, Alliance News slot editor
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