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Empower to buy 4,300 retirement plans from Prudential in deal worth $3.55 billion

·2 min read
Empower to buy 4,300 retirement plans from Prudential in deal worth $3.55 billion

Empower Retirement said Wednesday it agreed to acquire Prudential Investments’ full-service retirement business in a $3.55 billion deal, as the retirement plan administrator bolsters its portfolio of clients and accelerates its expansion. With this transaction, which includes 4,300 retirement plans and 4 million participants, Empower now has 16 million clients across all major markets, including government, not-for-profit and profit businesses, said Ed Murphy, chief executive officer of Empower. The acquisition includes defined contribution, defined benefit, nonqualified and rollover individual retirement accounts, as well as Prudential’s (PRU) stable value and separate account investment products.