The nation’s second-largest retirement services provider, Empower Retirement, is acquiring Personal Capital, a digital-first registered investment adviser and wealth manager with award-winning financial tools. According to the press release, the deal value is worth $1 billion in enterprise value that comprises $825 million on closing and up to $175 million for planned growth.
The companies will bring together their leading retirement plan services and integrated financial tools and digitally oriented personal wealth management platform capabilities to drive financial wellness and positive retirement outcomes.
Edmund F. Murphy III, President and Chief Executive Officer of Empower. “The acquisition of Personal Capital and the integration of their tools and capabilities into the Empower offering is designed to create a best-of-breed platform — powered by digital and human advice — to help individuals achieve their financial goals.”