Status:  Clearance

Acquirer:  Empower Retirement, LLC (US); Great-West Lifeco Inc. (Canada); Power Corporation of Canada (Canada)

Acquired:  Personal Capital Corporation (US)

Value:  US$825 million

Industry:  Financial Services

UPDATE: On August 17, 2020, Great-West Lifeco Inc. “completed the acquisition of 100% of the equity of Personal Capital Corporation.” (Great West Lifeco Inc., 2021 Annual Report, Mar. 21, 2022, TSX Filing.)

Posted on June 29, 2020

Status: Upcoming/New CFIUS Filing

fintech icon on abstract financial technology background .Empower Retirement, LLC, a US subsidiary of Great-West Lifeco Inc., a publicly traded Canadian financial services holding company (TSX:GWO) that is majority owned by the publicly traded diversified holding company Power Corporation of Canada (TSX:POW), entered into an agreement to acquire Personal Capital Corporation, an online based financial advisor headquartered in California, for a purchase price of US$825 million, plus the potential for an additional US$175 million subject to achievement of target growth objectives.  (See Press Release, Great-West Lifeco subsidiary Empower Retirement announces agreement to acquire Personal Capital, June 29, 2020; see also Our companies web page, Great-West LifeCo website, last visited June 29, 2020.)  “The transaction is expected to close in the second half of 2020, subject to required regulatory approvals, including CFIUS review, and other customary closing conditions.” (Id.)

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