Empower Retirement’s $3.55 Billion Acquisition of Prudential’s Retirement Plan Business

Debevoise & Plimpton advised Prudential Financial on the deal.

Prudential Financial, Inc. (NYSE: PRU) executed the sale of its full-service retirement plan recordkeeping and administration business to Empower Retirement for a total transaction value of $3.55 billion. The business will be supported by $2.1 billion of capital through a combination of the balance sheet of the transferred business and Empower capital and surplus. The transaction is expected to close in the first quarter of 2022 pending customary regulatory approvals.

Prudential is a global financial services leader and premier active global investment manager with more than $1.5 trillion in assets under management as of March 31, 2021, and has operations in the U.S., Asia, Europe, and Latin America. Empower Retirement administers approximately $1 trillion in assets for more than 12 million retirement plan participants as of March 31, 2021 and is the nation’s second-largest retirement plan recordkeeper by total participants.

The Debevoise team was led by insurance M&A partner Thomas Kelly (Picture) and included partners Alexander Cochran and John Vasily, counsel Robert Fettman, Andrew Jamieson and Clare Swirski and associates Stephen Anastasia, Jason Auman Nick Cruz, Joanna Faley, Sarah Hale, Katrina Mari Kaczynski, Douglas Kim, Susie Kim, Katie Power, AJ Salomon and Paulina Stanfel, finance partner Ramya Tiller and associates Mihai Chitulescu, Jordana Palgon, Marta Poplawski and Basya Robinson, banking partners Greg Lyons and Jeffrey Robins, counsel David Sewell and associates Andrew Field, Brenna Glanville and Ezra Newman, investment management partner Marc Ponchione and counsel Daniel Sinrod, benefits partners Lawrence Cagney and Franklin Mitchell and associate Charity Brunson Wyatt, tax partners Daniel Priest and Peter Schuur and associate Sabrina Hsieh, intellectual property of counsel (retired partner) Jeff Cunard, counsel Judith Church and associate Emily MacKay, and real estate partner Nicole Mesard and associates David Saltzman and Malina Welman. The team also included law clerk Gina Ragone.

Involved fees earner: Stephen Anastasia – Debevoise & Plimpton; Jason Auman – Debevoise & Plimpton; Charity Brunson Wyatt – Debevoise & Plimpton; Lawrence Cagney – Debevoise & Plimpton; Mihai Chitulescu – Debevoise & Plimpton; Judith Church – Debevoise & Plimpton; Alexander Cochran – Debevoise & Plimpton; Jeffrey Cunard – Debevoise & Plimpton; Robert Fettman – Debevoise & Plimpton; Andrew Field – Debevoise & Plimpton; Brenna Glanville – Debevoise & Plimpton; Sarah Hale – Debevoise & Plimpton; Andrew Jamieson – Debevoise & Plimpton; Katrina Mari Kaczynski – Debevoise & Plimpton; Thomas Kelly – Debevoise & Plimpton; Douglas Kim – Debevoise & Plimpton; Nicole Levin Mesard – Debevoise & Plimpton; Gregory Lyons – Debevoise & Plimpton; Emily Mackay – Debevoise & Plimpton; Franklin Mitchell – Debevoise & Plimpton; Ezra Newman – Debevoise & Plimpton; Marc Ponchione – Debevoise & Plimpton; Marta Poplawski – Debevoise & Plimpton; Katie Power – Debevoise & Plimpton; Daniel Priest – Debevoise & Plimpton; Jeffrey Robins – Debevoise & Plimpton; Basya Robinson – Debevoise & Plimpton; AJ Salomon – Debevoise & Plimpton; David Saltzman – Debevoise & Plimpton; Peter Schuur – Debevoise & Plimpton; David Sewell – Debevoise & Plimpton; Daniel Sinrod – Debevoise & Plimpton; Paulina Stanfel – Debevoise & Plimpton; Clare Swirski – Debevoise & Plimpton; Ramya Tiller – Debevoise & Plimpton; John Vasily – Debevoise & Plimpton; Malina Welman – Debevoise & Plimpton;

Law Firms: Debevoise & Plimpton;

Clients: Prudential Financial, Inc.;

Martina Bellini

Author: Martina Bellini