Prudential Financial Inc.

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Other Pre-Announcement

Great-West Lifeco U.S. Subsidiary Agrees To Acquire Prudential's Full-Service Retirement Business

Published: 07/21/2021 11:33 GMT
Prudential Financial Inc. (PRU) - Great-west Lifeco U.S. Subsidiary Agrees to Acquire Prudential's Full-service Retirement Business.
Great-west Lifeco Inc - Empower Retirement to Acquire Prudential's Full-service Retirement Business for Total Transaction Value of C$4.45 Billion.
Great-west Lifeco Inc - Highly Accretive Transaction.
Great-west Lifeco Inc - Deal Value Includes Approximately C$2.6 Billion (us$2.1 Billion) of Capital.
Great-west Lifeco Inc - Expects to Fund Transaction With About Us$1.15 Billion of Limited Recourse Capital Notes, and Us$1.0 Billion of Short-term Debt.
Great-west Lifeco Inc - Lifeco Expects Transaction to Be Highly and Immediately Accretive to Its Earnings.
Great-west Lifeco Inc - Empower Expects to Incur One-time Integration Costs of Approximately Us$170 Million and Deal Costs of Approximately Us$55 Million.
Great-west Lifeco Inc - EPS Accretion of 8-9% is Expected on a Run-rate Basis by End of 2023.
Great-west Lifeco Inc - Empower's Contribution to Great-west Lifeco's Earnings is Expected to Grow to 30% by End of 2023.