Eversheds, Debevoise Drive $3.55B Empower-Prudential Deal

By Benjamin Horney (July 21, 2021, 10:48 AM EDT) -- Empower Retirement will buy the retirement benefits business of U.S. insurance giant Prudential Financial for $3.55 billion, the companies said Wednesday, in a deal guided by Eversheds Sutherland and Debevoise.

The transaction will see Colorado-based Empower pick up the full-service retirement unit of New Jersey-headquartered Prudential Financial Inc., which houses more than 4,300 workplace savings plans that provide retirement benefits to about 4 million Americans, according to a statement. Empower expects the transaction to expand its ability to provide services, including for corporate 401(k) plans, government plans, not-for-profit 403(b) plans and collectively bargained Taft-Hartley plans. 

Empower is represented by Eversheds Sutherland,...

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