Prudential Financial said it would sell its full-service retirement business to a unit of Canada’s Great-West Lifeco for $3.55 billion as the life insurer continues implementing Chief Executive Officer Charles Lowrey’s three-year transformation plan.
The business will be purchased by Great-West’s Greenwood Village, Colorado-based Empower Retirement division. Prudential expects total proceeds of about $2.8 billion from the sale, which is expected to close in the first quarter of next year, the companies said in a statement. It will boost Empower’s customer base by about 4 million people to 16.6 million participants.
