Rithm Capital, the parent company of mortgage servicer Newrez, has agreed to acquire global alternative asset manager Sculptor Capital Management for approximately $639 million in cash.
Sculptor has $34 billion in assets under management (AUM) diversified across the real estate, credit and multi-strategy investing sectors. According to its news release, the deal will “broaden Rithm’s product offerings and investment management capabilities.”
“This transaction is transformational for Rithm,” said Michael Nierenberg, chairman, CEO and president of Rithm Capital. “Sculptor’s $34 billion of AUM, coupled with Rithm’s $7 billion of permanent equity capital and $30+ billion balance sheet, creates a world-class asset management business. We are very excited to bring together two organizations with strong track records, excellent management teams, and seasoned investment professionals. Sculptor has a tremendous global investment platform, and we believe the combination of both our businesses will continue to deliver great long-term value for shareholders and fund investors alike.”
Source: mpamag.com