Business
Great-West Lifeco subsidiary Empower closes acquisition of Prudential Financial retirement business
Great-West Lifeco subsidiary Empower closes acquisition of Prudential Financial retiremen...
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[{"type":"text","content":"\n \n \n \n Great-West Lifeco subsidiary Empower closes acquisition of Prudential Financial retirement business\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: TOP; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prngen3{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; BORDER-TOP:black 1pt; BORDER-RIGHT:black 1pt; BORDER-BOTTOM:black 1pt; BORDER-LEFT:black 1pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prntar{\nTEXT-ALIGN: RIGHT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE; BORDER-TOP:1pt black; BORDER-RIGHT:1pt black; BORDER-BOTTOM:1pt black; BORDER-LEFT:1pt black\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n TSX: GWO\n \n \n \n \n WINNIPEG,MB\n \n ,\n \n \n April 3, 2022\n \n \n /CNW/ - Great-West Lifeco today announced its U.S subsidiary, Empower, has completed the previously announced acquisition of the full-service retirement business of Prudential Financial Inc.\n \n \n \n \n \n \n \n \n \n With completion of the acquisition, Empower's reach in the U.S. is expanded to more than 17.1 million retirement plan participants and assets under administration\n \n 1,2\n \n to\n \n US$1.4 trillion\n \n on behalf of approximately 71,000 workplace savings plans.\n \n \n \"We're pleased that this strategic transaction has advanced Great-West Lifeco's value-creation priorities and accelerated our growth, and demonstrated immediate earnings accretion from expense and revenue synergies,\" said\n \n Paul Mahon\n \n , President and CEO, Great-West Lifeco. \"Empower and its customers benefit from the significant added scale and capabilities, further solidifying Empower's leadership position in the world's largest retirement market.\"\n \n \n With strong margins and earnings profile, the Prudential business acquired by Empower includes diversified capabilities across all plan types with significant presence in the highly attractive small-medium corporate market segment.\n \n \n For additional details on the tr...