Empower Acquires Milliman’s Retirement Administration Business for $340 Million
July 1, 2026
Empower, a subsidiary of Great-West Lifeco, entered into a definitive agreement to acquire Milliman’s retirement administration business for $340 million. The deal will expand Empower’s defined benefit capabilities and add health and welfare administration services, with about 800+ employees and approximately 400 defined benefit plans plus 1,100+ defined contribution plans expected to transfer at closing.
- Buyers
- Empower, Great-West Lifeco Inc.
- Targets
- Milliman, Inc.'s retirement administration business
- Sellers
- Milliman, Inc.
- Industry
- Healthcare Services
- Location
- United States
- Transaction Type
- Buyout
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