Black had planned to retain the role of chairman after he agreed to step down from the post of CEO in January, following an independent review of his ties to convicted sex offender Jeffrey Epstein
The deal will create a company with a pro-forma market value of $29 billion, providing products and services in the investment and retirement income space
The two firms will continue with AION fund 1, which had raised $850 million, till their investments are redeemed and the fund wound up in the next few years.
Nuvoco is among the bidders for Emami Cement, which has picked Arpwood Capital and Credit Suisse Group AG to manage the sale of the unit as Bloomberg News previously reported