- July 21, 2021
- Posted by: Stratford Team
- Category: Business
Empower Retirement is acquiring the retirement plan business of Prudential Financial Inc. for $3.55 billion, the record keeper said in a news release Wednesday.
The acquisition will increase Empower’s reach to more than 16.6 million participants and assets under administration to $1.4 trillion on behalf of 71,000 workplace savings plans.
The deal, which includes Prudential’s defined contribution, defined benefit, non-qualified and rollover IRA business, as well as its stable value and separate account offerings, is expected to close in the first quarter of 2022 pending regulatory approvals.
In the news release, Empower touted the pending acquisition as a way to expand services to a broadening spectrum of corporate and non-profit defined contribution plans, as well as government and Taft-Hartley plans.
“Empower and Prudential share a commitment to serving the financial needs of working Americans, their advisers and employers. This transaction…
