GREENWOOD VILLAGE, Colo. & REDWOOD SHORES, Calif.–(BUSINESS WIRE)–Empower Retirement (“Empower”), the nation’s second-largest retirement services provider,1 and Personal Capital, a digital-first registered investment adviser and wealth manager with award-winning financial tools, today announced that they have entered into a definitive agreement for Empower to acquire Personal Capital.
Under the agreement, Empower will acquire Personal Capital for up to $1 billion in enterprise value, composed of $825 million on closing and up to $175 million for planned growth.
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. Read rest here.