Nuveen's £9.9 billion Schroders takeover is set to close October 1, ending the London listing
Schroders and Nuveen said Tuesday, September 22, 2026, that all antitrust and regulatory conditions for a takeover valued at £9.9 billion if permitted dividends are paid in full have been satisfied or waived, with a UK court hearing on September 29 and close targeted for October 1.
Nuveen, the TIAA-owned US asset manager, and Schroders said Tuesday they have satisfied or waived every antitrust and regulatory condition on the recommended cash acquisition. The deal would take the London-listed manager private on October 1. A UK court is due to sanction the scheme of arrangement, the process that transfers Schroders shares to Nuveen, on September 29. If the court agrees and the order is filed, Matthew Westerman, already a non-executive director, is expected to become non-executive chair that day. The conditions that had to clear included EU merger control and approvals from Hong Kong's Securities and Futures Commission, the Securities and Exchange Board of India, Luxembourg's CSSF, and Bermuda's Monetary Authority.
Nuveen agreed in February to pay 590 pence in cash per share, plus permitted dividends of up to 22 pence that holders may keep without cutting the cash. That package values Schroders at about £9.9 billion if the dividends are paid in full. Schroders shares traded at 588.5 pence in London as of 11:45 UTC on Tuesday, an intraday quote. Last dealings are expected on September 30, with trading suspended from 7:30 a.m. London time on October 1 and the London listing cancelled by 8:00 a.m. the next day. Cash is due by October 15.
The Schroders US Autocallable Ladder Income ETF SALI, which seeks monthly income from an index of US large-cap autocallable securities, listed on September 14 with about $22 million in assets and has no published etf.net grade. If the scheme becomes effective on October 1, SALI will change ultimate owner 17 days after it started trading. Hartford's tax-aware US bond ETF HTAB, which carries the Schroders name, holds about $233 million and is graded C under etf.net's published method.
Nuveen said in February that Schroders is expected to keep operating as a standalone business inside the wider group for at least 12 months after completion, still led by chief executive Richard Oldfield, who will report to Nuveen chief executive William Huffman. October 1 ends Schroders as a publicly traded company. That standalone pledge, if kept, then runs to October 2027.
Frequently asked
What still has to happen before the deal closes?
A UK court has to sanction the scheme of arrangement and the order has to be filed; all antitrust and regulatory conditions have already been satisfied or waived.
What do Schroders shareholders get?
590 pence in cash per share, plus permitted dividends of up to 22 pence they can keep without reducing the cash, with payment due by October 15.
What happens to the London listing?
Last dealings are expected September 30, trading is suspended from the morning of October 1, and the listing is cancelled by 8:00 a.m. the next day.
Does Schroders keep running as it does now?
Nuveen said Schroders is expected to operate as a standalone business inside the group for at least 12 months after completion, still led by chief executive Richard Oldfield.