St. Paul Travelers
will sell its entire stake in Nuveen Investments
, worth approximately $2.8 billion, the companies announced
St. Paul Travelers will sell 39.6 million shares through public secondary offering, of which Nuveen will buy $600 million worth at the secondary offering price.
The Saint Paul, Minnesota-based insurer will enter into forward sale agreements with Merrill Lynch and Morgan Stanley for the remaining 13.5 million shares. Merrill Lynch and Morgan Stanley will then issues securities exchangeable for Nuveen Investments shares.
St. Paul Travelers holds a total of 73.5 million shares in Nuveen Investments.
Merrill Lynch and Morgan Stanley will underwrite the secondary offering.
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