Business
Great-West Lifeco subsidiary, Empower Retirement, closes acquisition of Personal Capital
Great-West Lifeco subsidiary, Empower Retirement, closes acquisition of Personal Capital ...
About this update from Great-west Lifeco Inc.
[{"type":"text","content":"\n\n\n\nGreat-West Lifeco subsidiary, Empower Retirement, closes acquisition of Personal Capital\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\n\n\n\n\n\n\nCanada NewsWire\nWINNIPEG, MB, Aug. 18, 2020\n\n\n\nTSX:GWO\n WINNIPEG, MB, Aug. 18, 2020 /CNW/ - Great-West Lifeco Inc. today announced its Colorado-based subsidiary, Empower Retirement (Empower), has completed the previously-announced acquisition of Personal Capital.\nWith completion of the acquisition, Personal Capital became a wholly owned subsidiary of Empower, which acquired Personal Capital for up to US$1 billion in enterprise value, including US$825 million on closing and up to US$175 million for planned growth.\n\"The close of this acquisition supports Empower's objective of accelerating growth in retail advice and wealth management for participants and is complementary to its objective of scaling its Defined Contribution retirement business both organically and through M&A,\" said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco. \"We are excited about adding the Personal Capital platform because of its standalone growth potential as well as its capacity to accelerate Empower's retail and defined contribution growth.\" \nEmpower is the second-largest retirement services provider in the US,1 and Personal Capital is a digital-first registered investment adviser and wealth manager. Personal Capital will be branded as \"Personal Capital, an Empower Company\" and will continue to provide its award-winning financial tools and investment solutions to its clients.  \nFor additional details on the transaction, please refer to the news release dated June 29, 2020. \nAbout Empower RetirementHeadquartered in metro Denver, Empower Retirement administers US$680 billion in assets for more than 9.7 million retirement plan participants as of June 30, 2020. It is the nation's second-largest retirement plan recordkeeper by total participants.1 Empower serves all segments of the employer-sponsored retirement plan market: government 457 plans; small, midsize and large corporate 401 (k) clients; non-profi...