4 Apr, 2022

Empower closes deal for Prudential Financial's full-service retirement business

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By Asma Rafique


Empower Retirement LLC has completed the acquisition of Prudential Financial Inc.'s full-service retirement business.

The $3.5 billion deal increases Empower's base to more than 17.1 million retirement plan participants with $1.4 trillion in assets under management. The transaction also includes more than 1,800 employees who will provide retirement record keeping and administration services to financial professionals, plan sponsors and participants.

Following deal completion, Empower owns what was Prudential Financial's defined contribution, defined benefit, nonqualified and rollover IRA business, in addition to its stable value and separate account investment products and platforms.

Eversheds Sutherland was Empower's legal counsel. Goldman Sachs & Co. LLC and Rockefeller Capital Management were its financial advisers.