Empower Acquires Prudential Financial's Full-Service Retirement Business
April 4, 2022
Empower has completed its $3.5 billion acquisition of Prudential Financial’s full-service retirement business, adding more than 1,800 employees and expanding Empower’s reach to over 17.1 million retirement participants with roughly $1.4 trillion in assets under administration. The deal transfers Prudential’s defined contribution, defined benefit, non‑qualified and rollover IRA business as well as stable value and separate account investment products and platforms to Empower, broadening Empower’s product set and scale across employer, government and not‑for‑profit retirement markets.
- Buyers
- Empower
- Targets
- Prudential Financial's full-service retirement business
- Sellers
- Prudential Financial, Inc.
- Industry
- Financial Services
- Location
- New Jersey, United States
- Transaction Type
- Divestiture
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