Great-West Lifeco announced Aug. 18 that its Colorado-based subsidiary, Empower Retirement, has completed the previously-announced acquisition of Personal Capital.

Empower administers US$680 billion in assets for more than 9.7 million retirement plan participants. Personal Capital is a remote-delivery, digital wealth management company.

With the completion of the acquisition, Personal Capital is now a wholly owned subsidiary of Empower. The cost of the acquisition was US$1 billion in enterprise value, including US$825 million on closing and up to US$175 million for planned growth. Personal Capital will be branded as "Personal Capital, an Empower Company," said Great-West Lifeco.

"The close of this acquisition supports Empower's objective of accelerating growth in retail advice and wealth management for participants and is complementary to its objective of scaling its Defined Contribution retirement business both organically and through M&A," said Paul Mahon, President and Chief Executive Officer, Great-West Lifeco. "We are excited about adding the Personal Capital platform because of its standalone growth potential as well as its capacity to accelerate Empower's retail and defined contribution growth."