Great-West Lifeco announced April 4 that its U.S subsidiary, Empower, has completed the previously announced acquisition of the full-service retirement business of Prudential Financial Inc. 

In a statement, Lifeco said that with the completion of the acquisition, “Empower's reach in the U.S. is expanded to more than 17.1 million retirement plan participants and assets under administration to US$1.4 trillion on behalf of approximately 71,000 workplace savings plans.” 

"We're pleased that this strategic transaction has advanced Great-West Lifeco's value-creation priorities and accelerated our growth, and demonstrated immediate earnings accretion from expense and revenue synergies," stated Paul Mahon, President and CEO, Great-West Lifeco. "Empower and its customers benefit from the significant added scale and capabilities, further solidifying Empower's leadership position in the world's largest retirement market."