Great-West Lifeco Inc. subsidiary Empower Retirement LLC completed the acquisition of Massachusetts Mutual Life Insurance Co.'s retirement services business.

The retirement plan business transitions to Empower in a reinsurance transaction for a ceding commission of $2.35 billion. The balance sheet of the transferred business would be supported by $1 billion of required capital when combined with Empower's existing U.S. business.

Over 1,700 employees of the retirement plan business will join Empower.

Eversheds Sutherland was legal counsel, while Goldman Sachs & Co. LLC and Rockefeller Capital Management were financial advisers to Empower. Skadden Arps Slate Meagher & Flom LLP acted as legal counsel, with Lazard serving as exclusive financial adviser to MassMutual.