Following months of drama and challenges from the founders of alternatives asset manager Sculptor Capital Management and competing bids from a hedge fund, real estate- and financial services-focused Rithm Capital completed its nearly $720 million acquisition of Sculptor, up from the $639 million originally announced in July. 

Rithm will pay $12.70 per share in cash. Sculptor’s stock will cease trading on the New York Stock Exchange and be delisted. 

“The completion of this transaction is a significant milestone for our team and an important next step in the growth and evolution of Rithm,” said Michael Nierenberg, chairman, CEO, and president of Rithm Capital. 

The reported settlement of a lawsuit filed in Delaware and a ruling by a court in a New York dispute earlier this week paved the way for Sculptor Capital shareholders to vote on the acquisition on Thursday. 

As of November 1, Sculptor had approximately $32.8 billion in assets under management. 

Rithm’s exclusive financial advisor was Citi, while its legal counsel was Skadden, Arps, Slate, Meagher & Flom LLP and Debevoise & Plimpton LLP. Sculptor’s Special Committee was advised financially by PJT Partners and legally by Latham & Watkins LLP. J.P. Morgan Securities LLC served as Sculptor’s financial advisor, Ropes & Gray LLP served as legal counsel, and Gibson Dunn & Crutcher LLP served as tax counsel.