The big just got bigger.
Empower Retirement is now buying the retirement plan business of Prudential Financial Inc. for $3.55 billion.
The purchase would increase Empower’s retirement plan footprint 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 would also include Prudential’s defined contribution, defined benefit, non-qualified and rollover IRA business, as well as its stable value and separate account offerings. The deal is expected to close in the first quarter of 2022 pending government regulatory approval.
