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Empower Retirement to Acquire Personal Capital for Enterprise Value of Up to USD 1bn
Monday 29 June 2020

Denver, US-based retirement services provider Empower Retirement has agreed to acquire US-based digital-first registered investment adviser and wealth manager Personal Capital for up to UD 1bn in enterprise value, the company said.

Under the agreement, Empower will acquire Personal Capital in a transaction composed of USD 825m on closing and up to USD 175m for planned growth. The transaction is expected to close in the second half of 2020 subject to required regulatory approvals and other customary closing conditions.

The combination will bring together Empower's leading retirement plan services and integrated financial tools and Personal Capital's rapidly growing, digitally oriented personal wealth management platform. Retirement plan participants and individual investors will have all the tools and advice they need to see a complete, 360-degree financial picture, that includes their personal assets and liabilities, and the ability to manage their progress toward their financial goals.

The combination advances a scalable, technology-driven financial planning platform that combines data-driven solutions with human advice to ms of customers.

Sullivan and Cromwell LLP served as legal counsel and Morgan Stanley and Co. LLC and Rockefeller Capital Management served as financial advisors to Empower. Willkie Farr and Gallagher LLP served as legal counsel and Moelis and company LLC served as financial advisor to Personal Capital.
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Date Published: 29/06/2020

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