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Upcoming/New CFIUS Filing: Empower Retirement, Great-West Lifeco, Power Corp. of Canada and Personal Capital Corporation

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.)

Status:  Upcoming/New Filing

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

© Copyright 2020 Squire Patton Boggs (US) LLPNational Law Review, Volume X, Number 182


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