Empower Retirement to Acquire Personal Capital
Combination advances a scalable, technology-driven financial planning platform that combines data-driven solutions with human advice to millions of customers
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, announced that they have entered into a definitive agreement for Empower to acquire Personal Capital.
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Empower Retirement and Personal Capital 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.
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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.
“Empower and Personal Capital are joining forces to take the next step forward in 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. “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.
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