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Great-West Lifeco's Empower to Acquire Milliman's Retirement and Benefits Administration Business

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Great-West Lifeco's (GWO.TO) Empower unit is acquiring Milliman's retirement plan and benefits administration business for $340 million.

The acquired business provides defined contribution (DC), defined benefit (DB), and health & welfare (H&W) administration services, with $130 billion in client assets across 1.5 million participants.

Empower said will finance the acquisition with existing cash resources, with $244 million payable upon closing and the balance to be paid over five years.

The transaction is expected to close in the second half of this year.

Price: $90.06, Change: $+1.34, Percent Change: +1.51%

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