Nuveen’s Pantheon Agrees £9.9bn Cash Takeover of Schroders

Schroders plc (LSE:SDR) has agreed to a recommended all-cash acquisition by Pantheon, a newly established subsidiary of Nuveen, at a price of up to 612p per share, inclusive of permitted dividends. The offer values Schroders’ equity at approximately £9.9 billion on a fully diluted basis and represents a multiple of roughly 17 times 2025 adjusted operating profit. The bid also carries a premium of as much as 61% compared with recent average trading levels.

The proposed transaction would create one of the largest global active asset managers, overseeing close to $2.5 trillion in assets across institutional and wealth channels. Under the terms of the deal, the Schroders brand will be preserved, and London will remain the group’s principal headquarters outside the United States. Both boards have indicated their intention to unanimously recommend the offer, with completion targeted for the fourth quarter of 2026, subject to regulatory and shareholder approvals.

Nuveen and Schroders highlighted the strategic logic of the combination, citing complementary investment capabilities across public and private markets, shared cultural values and a mutual commitment to sustainability and innovation. The merger is expected to accelerate Schroders’ growth ambitions, broaden its cross-asset solutions and enhance its ability to serve clients globally. The announcement also noted substantial irrevocable undertakings from major shareholders, strengthening deal certainty.

From an outlook perspective, Schroders benefits from solid underlying profitability and strategic momentum, supported by a valuation uplift implied by the offer. While technical indicators suggest moderately positive share price momentum, restructuring costs and variability in cash flow remain areas to monitor as the transaction progresses.

More about Schroders plc

Schroders plc is a London-based global active asset manager providing investment management and wealth solutions to institutional and retail clients. With a long-standing family-influenced heritage, the firm operates across public and private markets and holds a significant position within the UK and international asset management landscape.