(Bloomberg) -- TIAA-CREF, the manager of retirement accounts for teachers, agreed to buy Nuveen Investments from Madison Dearborn Partners LLC for $6.25 billion, including outstanding debt.
The transaction adds $221 billion in assets, bringing TIAA- CREFs total to about $800 billion, according to a statement today from the New York-based company. Chicago-based Madison Dearborn purchased Nuveen in 2007, then the largest buyout of a U.S. asset manager, for $5.75 billion.
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