Eversheds Sutherland Advises Empower Retirement in $2.35 Billion Acquisition of MassMutual Retirement Services Business
September 11, 2020
Eversheds Sutherland is pleased to announce that it represented client Empower Retirement (Empower), the nation’s second-largest retirement plan recordkeeper by total participants, in entering into a definitive agreement to acquire the retirement services business from Massachusetts Mutual Life Insurance Company (MassMutual). Based on the terms of the agreement and subject to regulatory approvals, Empower will acquire the business in a reinsurance transaction for a ceding commission of $2.35 billion. In addition, the balance sheet of the transferred business would be supported by $1 billion of required capital when combined with Empower’s existing US business.
Eversheds Sutherland Insurance Partner Bert Adams led the deal team with Counsel Kevin Finnegan and Counsel Sean M. Diamond. Additional assistance was provided by Insurance and Corporate Partners Ling Ling, Michael Steinig, Jeffrey P. Bialos, Eric R. Fenichel, Matthew L. Hazlett, Douglas J. Leary, Daren Moreira and Cynthia R. Shoss, Of Counsel Steve Herbert and Associates Michele M. Spencer, John Allen Zumpetta, Devin E. McGuinness, Erin D. Park and Dario Rodriguez; Tax Partners Brenna M. Clark, Adam B. Cohen, Carol T. McClarnon, Michael R. Miles and W. Mark Smith and Associate Caitlin Naylor; Real Estate Partner John W. Benson; Intellectual Property Partner Christopher J. Chan; Investment Adviser Partners Michael B. Koffler and Holly H. Smith and Counsel Issa Hanna; Capital Markets Partner Cynthia R. Beyea; Cybersecurity Partner Michael Bahar and Associate Alexander F.L. Sand; and Litigation Of Counsel James R. McGibbon.
The MassMutual retirement services business comprises 26,000 plans with approximately 2.5 million participants and $167 billion in assets (as of June 30, 2020). The transaction, which is expected to close in the fourth quarter of 2020 pending regulatory approvals, will increase Empower’s participant base to more than 12.2 million and retirement services recordkeeping assets to approximately $834 billion on behalf of approximately 67,000 plans.
About Eversheds Sutherland
As a global top 10 law practice, Eversheds Sutherland provides legal services to a global client base ranging from small and mid-sized businesses to the largest multinationals, acting for 75 of the Fortune 100, 68 of the FTSE 100 and 113 of the Fortune 200.
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Key contacts
Bert Adams
Partner
New York, United States
John W. Benson
Partner
New York, United States | Atlanta, United States
Jeffrey P. Bialos
Partner
Washington, DC, United States
Adam B. Cohen
Executive Partner
Washington, DC, United States
Eric R. Fenichel
Senior Counsel
Atlanta, United States
Issa J. Hanna
Partner
New York, United States
Matthew L. Hazlett
Partner
Washington, DC, United States
Steve Herbert
Of Counsel
New York, United States
Michael B. Koffler
Partner
New York, United States
Douglas J. Leary
Partner
Washington, DC, United States
Ling Ling
Partner
Washington, DC, United States | New York, United States
James R. McGibbon
Of Counsel
Atlanta, United States
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