But its highest-profile deal, at least for Denver Broncos fans, came in September 2019, when Empower purchased the naming rights to Mile High Stadium in a deal slated to last through 2039. In June 2020, the company agreed to acquire Personal Capital, a Bay Area digital wealth management firm with a significant presence in Denver, in a $1 billion deal. Empower Retirement, part of Great-West Life & Annuity Insurance Company, was formed in 2014 through a merger of three retirement plan administrators with about $400 billion in assets under their watch. It has grown rapidly since and ranks second only to Fidelity Investments in terms of the value of the retirement plan assets that it supervises.
“Empower and Prudential share a commitment to serving the financial needs of working Americans, their advisers and employers. This transaction will create an even stronger service organization at Empower, fueled by technology and the expertise of our deep talent pool,” said Ed Murphy, Empower’s president and CEO, in a news release. To put that number in perspective, direct federal student loan debt in the U.S. is about $1.3 trillion.
Last September, Empower Retirement announced the acquisition of the retirement plan business of Massachusetts Mutual Life Insurance Co. in a deal valued at $3.35 billion. That provided it with 26,000 workplace savings plans with 2.5 million participants and $167 billion in assets. Following the completion of the acquisition, which is expected to close in the first quarter of 2022, Empower will administer 71,000 workplace retirement plans with 16.6 million participants and $1.4 trillion in assets.
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