Rithm Completes Deal to Acquire Sculptor After Monthslong Drama

Rithm Capital Corp. finally completed a deal to buy struggling asset manager Sculptor Capital Management Inc., dashing the ambitions of a hedge fund founder and handing a 35% gain to shareholders.

Sculptor will be bought for about $720 million, or $12.70 a share, Rithm said in a statement Friday, capping a monthslong fight punctuated by rival bids and litigation that failed to derail the deal but pushed the price ever higher.

The victory for Rithm, which began as a firm investing in mortgage-servicing rights, makes it a big player in money management now that it has Sculptor’s $32.8 ...