Eversheds Sutherland Advises Empower Retirement in Acquisition of Full-Service Retirement Business of Prudential Financial

Eversheds Sutherland is pleased to announce that it represented client Empower Retirement in entering into a definitive agreement for Empower to acquire the full-service retirement business of Prudential Financial Inc. The acquisition will add significant expertise, a broader set of capabilities and an expanded product portfolio to Empower’s existing business and drive additional scale to the benefit of retirement investors and employers who sponsor workplace savings plans.

Subject to regulatory approvals, Empower will acquire Prudential’s full-service retirement plan recordkeeping and administration business for a total transaction value of $3.55 billion. The business will be supported by $2.1 billion of capital through a combination of the balance sheet of the transferred business and Empower capital and surplus. In connection with the closing of the transaction, Prudential expects total proceeds of approximately $2.8 billion, which includes cash consideration for the sale of Prudential Retirement Insurance and Annuity Company, ceding commission for the reinsured business and capital available to be released from The Prudential Insurance Company of America. 

Eversheds Sutherland Partner Bert Adams led the deal team with assistance from Partners John W. Benson, Jeffrey P. Bialos, Christopher J. Chan, Brenna M. Clark, Adam B. Cohen, Eric R. Fenichel, Matthew L. Hazlett, M. Hill Jeffries, Michael B. Koffler, Carol T. McClarnon, Daren L. Moreira, Holly H. Smith, Counsel Ronald D. Coenen Jr., Sean M. Diamond, Kevin Finnegan, Issa J. Hanna,  Associates Eric X. Ding, Conor M. Jennings, Mary Kate Nicholson, Dario A. Rodriguez, Alexander F.L. Sand, Michele M. Spencer, Of Counsel James R. McGibbon, Michael E. Miles, and W. Mark Smith. Partner Brian G. Barrett and Associate John Allen Zumpetta worked on specific aspects of the deal.

About Eversheds Sutherland
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