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Press Release Empower Retirement Closes Acquisition of Personal Capital |
Issued by Empower Aug. 18, 2020 |
GREENWOOD VILLAGE, Colo., August 18, 2020 -- Empower Retirement today announced the completion of its acquisition of Personal Capital, following the receipt of regulatory approval required by the agreement and as announced on June 29, 2020. Upon completion of the acquisition, Personal Capital became a wholly owned subsidiary of Empower, which is acquiring Personal Capital for up to $1 billion in enterprise value, composed of $825 million on closing and up to $175 million for planned growth. Empower is the nation’s second-largest retirement services provider, /1/ and Personal Capital is a digital-first registered investment adviser and wealth manager. “This is an exciting day for Empower as we progress toward the evolution of an integrated platform to deliver personalized advice, financial wellness and comprehensive financial planning to millions of individual investors and retirement plan participants,” said Edmund F. Murphy III, President and Chief Executive Officer of Empower. “I know we will deliver on our vision of transforming the financial lives of those we serve. I am thrilled about the opportunities for our associates and the new colleagues that we welcome to Empower.” Personal Capital will be branded as “Personal Capital, an Empower Company” and will continue to provide its award-winning financial tools and investment solutions to its clients. Personal Capital CEO Jay Shah will serve as President of Personal Capital, reporting to Murphy and will be a member of its executive team. A joint team from both enterprises will work together to integrate the Personal Capital and Empower offerings. “We are delighted to consummate our combination with Empower today. Our shared vision of holistic, personalized, financial planning and solutions to effect better client outcomes only accelerates now that we’ve joined forces,” said Shah. Sullivan & Cromwell LLP served as legal counsel and Morgan Stanley & Co. LLC and Rockefeller Capital Management served as financial advisors to Empower. Willkie Farr & Gallagher LLP served as legal counsel and Moelis & Company LLC served as financial advisor to Personal Capital. About Empower Retirement About Personal Capital Advisory services are offered for a fee by Personal Capital Advisors Corporation, a wholly owned subsidiary of Personal Capital Corporation. Personal Capital Advisors Corporation is a registered investment adviser with the Securities and Exchange Commission (“SEC”). SEC registration does not imply a certain level of skill or training. Investing involves risk. Past performance is not a guarantee or indicative of future returns. The value of your investment will fluctuate, and you may gain or lose money. /1/ Pensions & Investments 2020 Defined Contribution Survey Ranking as of April 2020. /2/ As of June 30, 2020. Information refers to the business of Great-West Life & Annuity Insurance Company and its subsidiaries, including Great-West Life & Annuity Insurance Company of New York. Of the total assets under administration (AUA), $1.68B represents the AUA of GWLANY. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. GWLA statutory assets total $50.1B and liabilities total $48.8B. GWLANY statutory assets total $1.68B and liabilities total $1.57B. FORWARD-LOOKING STATEMENTS DISCLAIMER Certain statements in this press release constitute forward-looking statements, representing management’s current view of future events based on reasonable assumptions. These statements are not guarantees of future performance, as actual results may differ depending on the development and completion of this business combination. Consider these and other factors, uncertainties and potential events carefully and do not place undue reliance on forward-looking information. Other than as specifically required by applicable law, forward-looking information as a result of new information, future events or otherwise will not be updated. RO1305384-0820 BL:hh |
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